Ratings For Europe's Largest 100 Banks Show The Widest Range In Creditworthiness In 30 Years Apr 11

Standard & Poors, April 2011

Abstract
The European banking industry remains unsettled after three years of financial crisis, deep recession, and gaping government deficits that have pushed a few countries and their banking systems to rely on external support for survival. At present, the gap between European banks with the strongest and weakest creditworthiness, according to their long-term issuer credit ratings, is wider than it has been in the past 30 years (see table), as the financial crisis and recession forced a restructuring of the industry and amplified prior differences in creditworthiness. Furthermore, the link between European bank creditworthiness and government support has never been more important in our view. European governments have been among the most active in the world in supporting troubled banks and...

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.

- Credit Agricole S.A.
- Deutsche Bank AG
- HSBC Bank PLC
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
- Swedish Export Credit Corp.
- BNP Paribas
- Danske Bank A/S
- Landesbank Hessen-Thueringen Girozentrale
- Norddeutsche Landesbank Girozentrale (Unsolicited Ratings)
- Danske Bank PLC
- Skandinaviska Enskilda Banken AB (publ)
- Societe Generale
- Swedbank AB
- Portigon AG (Unsolicited Ratings)
- Barclays Bank PLC
- Bank of Ireland
- Commerzbank AG
- Pohjola Bank PLC
- Svenska Handelsbanken AB
- BNP Paribas Fortis SA/NV
- DNB Bank ASA
- UniCredit SpA
- Banca Monte dei Paschi di Siena SpA
- Dexia Credit Local
- Standard Chartered Bank
- Allied Irish Banks PLC
- Nykredit Realkredit A/S
- Banco Santander S.A.
- The Royal Bank of Scotland Group PLC
- Caja de Ahorros y Monte de Piedad de Madrid
- Credit Suisse Group AG
- Nationwide Building Society
- ING Bank N.V.
- Yorkshire Building Society
- Northern Rock (Asset Management) PLC
- Banque et Caisse d'Epargne de l'Etat, Luxembourg
- RCI Banque
- Banco Espirito Santo S.A.
- Caixa Geral de Depositos S.A.
- Banque PSA Finance
- Banco Comercial Portugues S.A.
- Bankinter S.A.
- HSBC Holdings PLC
- DekaBank Deutsche Girozentrale
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- NIBC Bank N.V.
- Caisse Centrale du Credit Mutuel
- Banco de Sabadell S.A.
- FCE Bank PLC
- Bank Nederlandse Gemeenten N.V.
- Caisse Centrale du Credit Immobilier de France
- Zuercher Kantonalbank
- Intesa Sanpaolo SpA
- Alpha Bank A.E.
- National Bank of Greece S.A.
- Banco Popular Espanol S.A.
- Banca Popolare dell'Emilia Romagna S.C.
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- LGT Bank AG
- Banco BPI S.A.
- Banca Carige SpA
- LeasePlan Corporation N.V.
- Banca Popolare di Milano SCRL
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- KBC Bank N.V.
- UBS AG
- Veneto Banca SCPA
- Permanent TSB PLC
- Erste Group Bank AG
- Deutsche Pfandbriefbank AG
- Mediobanca SpA
- Volkswagen Bank GmbH
- Irish Bank Resolution Corporation Limited
- SNS Bank N.V.
- La Banque Postale
- Banco Bilbao Vizcaya Argentaria S.A.
- Banca Popolare di Vicenza ScpA
- Achmea Hypotheekbank N.V.
- Iccrea Banca SpA
- Nordea Bank AB
- Banque Cantonale Vaudoise
- Credito Emiliano SpA
- Jyske Bank A/S
- Schwyzer Kantonalbank
- Migros Bank
- Basler Kantonalbank
- Basellandschaftliche Kantonalbank
- KAS BANK N.V.
- Deutsche Postbank AG
- Graubuendner Kantonalbank
- Lansforsakringar Bank
- Lloyds Banking Group PLC
- Luzerner Kantonalbank
- F. van Lanschot Bankiers N.V.
- Confederacion Espanola de Cajas de Ahorros
- Banque Accord
- Wuestenrot Bausparkasse AG
- Unione di Banche Italiane Scpa
- Argenta Spaarbank N.V.
- Banque Cantonale de Geneve
- VP Bank Verwaltungs- und Privat-Bank AG
- Cassa di Risparmio della Provincia di Teramo SpA
- Banco Popolare Societa Cooperativa SCRL
- Barclays PLC
- Carrefour Banque
- Istituto Centrale delle Banche Popolari Italiane SpA
- BPCE
- ABN AMRO Bank N.V.
- Raiffeisen Bank International AG

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