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ARCHIVE | Criteria | Financial Institutions | Banks: Securitization Plays Increasing Role in European Bank Analysis Sep 04
Standard & Poors, Sep 2004
Abstract
After several years of spectacular growth, the role played by securitization still varies considerably across the universe of European banks rated by Standard & Poor's. While only a few large European banks have securitized over 5% of their balance sheet assets, securitization is already a core part of the business model of certain banks and other specialized lenders. At present, European banks are not over-reliant on asset-backed markets and are therefore well positioned to cope with any changes subsequent to the introduction of Basel II and IFRS. Nonetheless, for several financial groups, the weight of securitization on their own behalf is sufficiently material to transform financial statements and alter key financial ratios, notably capital ratios. Standard & Poor's believes that...
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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