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Banco Bilbao Vizcaya Argentaria Puerto Rico Aug 06
Standard & Poors, Aug 2006
Abstract
Proven parental support Consistent performance Good cost controls Business entirely concentrated in Puerto Rico Low profitability metrics Heavy reliance on short-term wholesale funding The ratings on Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR), a strategically important subsidiary of its ultimate parent, Banco Bilbao Vizcaya Argentaria S.A. (AA-/Stable/A-1+), incorporate the company's stand-alone financial performance as well as the support from its parent. BBVA S.A. has exhibited its support for this franchise and has invested more than $270 million in acquisitions to build BBVA PR's presence in Puerto Rico. The stand-alone assessment of BBVA PR is based on its consistent, albeit below average, operating performance and good cost controls. Offsetting these strengths are BBVA PR's geographic concentration within the Puerto Rico...
Companies mentioned in this report are: Banco Bilbao Vizcaya Argentaria Puerto Rico,BBVA Global Finance Ltd.,Banco de Credito Local de Espana S.A.,BBVA Capital Funding Ltd.,Banco Bilbao Vizcaya Argentaria S.A.,Banco Bilbao Vizcaya Argentaria Uruguay,BCL Global Funding, B.V.,BBVA America Finance, S.A. Unipersonal,BBVA Senior Finance, S.A. Unipersonal,BBVA Subordinated Capital, S.A. Unipersonal,BBVA U.S. Senior, S.A. Unipersonal,BBVA Panama S.A. y Subsidiarias
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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