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Banco Popular Espanol, S.A.
Standard & Poors, July 2008
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
Abstract
Strong, above-average profitability track record Contained asset quality throughout a complete economic cycle Coherent, focused, and sound strategy High exposure, albeit below the banking system's average, to real estate developers Higher reliance than peers on wholesale funding More limited degree of business and geographic diversification than other 'AA' rated European banks The ratings on Spain-based Banco Popular Espa-ol S.A. reflect strong financial fundamentals--in particular the bank's solid earnings record and asset quality--and management's coherent, focused, and sound strategy. These factors offset Popular's higher-than-average reliance on wholesale funding, and more limited business and geographic diversification than for similarly rated peers. The bank's high exposure to the real estate developer segment represents the main downside risk for the ratings. Popular's strong profitability...
Companies mentioned in this report are: Banco Popular Espanol, S.A.
Action: Review
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