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Banco Popular Espanol, S.A.
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: Full Analysis
Abstract
Sound franchise Focused strategy track record Resilient revenue generation and excellent efficiency Quickly deteriorating asset quality partly resulting from a high exposure to real estate developers Higher reliance than peers on wholesale funding More limited degree of business and geographic diversification than other large universal banks The ratings on Banco Popular Espa-ol, S.A. (Popular) are underpinned by its solid franchise, sound strategic track record, resilient revenue generation, excellent efficiency, and its adequate solvency. These factors are counterbalanced by a fast deterioration in asset quality, higher reliance on wholesale funding, and lower diversification than other universal banks. Popular enjoys a sound franchise, particularly in retail banking, as Spain's fifth-largest banking group. The bank has adequate business and geographical diversification, but it...
Companies mentioned in this report are: Banco Popular Espanol, S.A.
Action: Review
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