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Banco Santander Serfin S.A. Jun 05
Standard & Poors, June 2005
Abstract
Parent support in terms of management and policies Good market position Improving financial performance Good asset quality Large exposure to the Mexican government Strong competition in the marketplace The ratings reflect Standard & Poor's Ratings Services' Group Methodology, where Banco Santander Serfin S.A. is considered a strategically important subsidiary for Banco Santander Central Hispano S.A. (BSCH; A+/Stable/A-1). The strategically important consideration given to Santander-Serfin is based on the following factors: Majority ownership of BSCH in its Mexican subsidiaries, which gives BSCH voting control over managerial decisions at the banks. Currently, BSCH owns 75% of Grupo Financiero Santander-Serfin. The complete integration of the Mexican subsidiaries with the parent, which allows Santander Serfin to replicate BSCH's business activities in the local market...
Action: Review
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: Full Analysis
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