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Bank Industry Risk Analysis: Mounting Economic Risk Puts Uneven Pressure On Spanish Banks Nov 08
Standard & Poors, Nov 2008
Abstract
Modern and relatively wealthy EU economy and EMU member Strong banking franchises Deep expertise in retail banking Good operating profitability and strong efficiency Proactive banking regulation and supervision Weak economic prospects High private sector indebtedness Heavy exposure to the real estate market Rapid asset quality deterioration Diverse range of financial institutions, with a large number of small and midsize savings banks that are vulnerable to the current housing downturn A decade of rapid lending growth, leading to increasing reliance on wholesale funding; Volatility stemming from industrial stakes held mainly by savings banks Relative to financial systems around the world, Standard & Poor's Ratings Services places the banking system of the Spain (Kingdom of) (AAA/Stable/A-1+) in Group 2 on our Banking...
Companies mentioned in this report are: Barclays Bank PLC,Banco Santander S.A.,Caja de Ahorros y Monte de Piedad de Madrid,Banco Espanol de Credito S.A.,Bankinter S.A.,Caja de Ahorros y Pensiones de Barcelona,Banco de Sabadell S.A.,Banco de Credito Local de Espana S.A.,Banco Popular Espanol S.A.,Caja de Ahorros del Mediterraneo,Banco Pastor, S.A.,Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa),Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA),Institut Catala de Finances,Banco Bilbao Vizcaya Argentaria S.A.,Compania Espanola de Financiacion del Desarrollo Cofides S.A.,Confederacion Espanola de Cajas de Ahorros,Santander Consumer Finance, S.A.
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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