|
|
 |
|
Viewing report
|
|
|
|
Banco Popular Espa?ol Lowered To 'A' On Asset Quality Deterioration; 'A-1' Rating Affirmed; Outlook Negative
Standard & Poors, July 2009
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Spanish bank Popular's asset quality deterioration accelerated in first-quarter 2009, and we expect the weakening to remain pronounced over the coming quarters, albeit at a lower pace than in the first quarter, leading to high levels of problem assets. We are lowering our long-term rating on Popular to 'A' from 'A+' and affirming the 'A-1' short-term rating. The negative outlook reflects the possibility that, in the context of the current severe recession in Spain, continued meaningful worsening of Popular's asset quality could severely impair the bank's financial performance. MADRID (Standard & Poor's) July 10, 2009--Standard & Poor's Ratings Services said today it lowered its long-term counterparty credit rating on Spain-based Banco Popular Espa-ol, S.A. (Popular) to 'A' from 'A+'. The...
Companies mentioned in this report are: Banco Popular Espanol, S.A.
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative
|
|
|
|
