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Bank Industry Risk Analysis: Spain (Kingdom of) Dec 04
Standard & Poors, Dec 2004
Abstract
In the original version of this analysis, published on Dec. 21, 2004, the sovereign credit rating, Rationale, and Outlook on the Kingdom of Spain were misstated in Appendix 2, reflecting the ratings prior to the Dec. 13, 2004, upgrade. A corrected version follows. The Spanish banking system stands among the healthiest in Europe. The system's sound fundamentals result from its ability to successfully overcome challenges posed by strong competition and profound structural changes in the economic environment. Spanish banks have seized opportunities from the buoyant economic environment. Strengthened by consolidation, the Spanish banking system has benefited from dynamism and an ability to preserve its preeminence in the economy. In the process, however, expansion strategies have increased the industry's risk profile....
Companies mentioned in this report are: Banca Nazionale del Lavoro SpA (former),Spain (Kingdom of),UniCredit SpA,Santander UK PLC,Banco Espanol de Credito S.A.,Bankinter S.A.,Caja de Ahorros y Pensiones de Barcelona,Banco Popular Espanol S.A.,Banco Pastor, S.A.,Barclays Bank PLC
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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