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Bank Industry Risk Analysis: German Banks Brave Current Market Dislocations, But Further Markdowns Likely Apr 08
Standard & Poors, April 2008
Abstract
Wealth and diversity of the German economy combined with a high level of political stability Strong competitiveness of the domestic corporate sector Employment growth and deleveraging of the household sector Stabilized commercial and residential real estate markets Improved financial profile of most large institutions until mid-year 2007, which has strengthened resilience against market turbulence Supportive government and banking system Higher industry risk compared with other Western European banking systems due to a difficult competitive and slow growth environment Dominance of less profit-oriented financial institutions and fragmentation of banking industry add to inefficiencies and low profitability Unbalanced business profiles and leveraged finance/securities holdings of large institutions make them vulnerable to market dislocation Domestic economic slowdown might be larger than expected due...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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