Summary: Barclays Bank S.A.
- ID: 1713785
- November 2009
- Standard & Poors
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on Spain-based Barclays Bank S.A. (BBSA) are underpinned by the bank's core status within U.K.-based Barclays Bank PLC (Barclays, AA-/Negative/A-1+), its increasing presence across Spain, and limited market risk. Negative rating factors include the rapid deterioration in the bank's commercial loans portfolio, low efficiency, high single-name concentration, and a weaker market position than for larger domestic players. Standard & Poor's Ratings Services considers BBSA to be a core subsidiary of Barclays. Barclays almost wholly owns BBSA, which shares the same brand name, systems, policies, and standards. We therefore equalize the ratings on BBSA with those on the parent, by incorporating a five-notch uplift from BBSA's stand-alone credit profile. Due to the current recession's adverse impact on BBSA's financial...
Companies mentioned in this report are: Barclays Bank S.A.
SHOW LESS READ MORE >