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Banking Industry Country Risk Assessment: Spain Mar 10
Standard & Poors, March 2010
Abstract
Size and wealth of the Spanish economy. Economic and financial stability, thanks to Spain's EMU membership. Robust regulatory and supervisory framework. Financial institutions' strong retail banking franchises. Good operating profitability and high efficiency. High private-sector leverage and rapid credit expansion prior to the economic downturn. Financial institutions' heavy exposure to the real estate market. Weak economic prospects. Economy's high and increasing reliance on foreign funding. Overcapacity in the savings banks sector in light of low growth prospects. Standard & Poor's Ratings Services places the financial system of the Kingdom of Spain (AA+/Negative/A-1+) in Group 3 of our Banking Industry Country Risk Assessment (BICRA) scale, which ranges from Group 1 (strongest) to Group 10 (weakest). Banking systems ranking similarly to Spain...
Companies mentioned in this report are: Spain (Kingdom of),Banco Santander S.A.,Caja de Ahorros y Monte de Piedad de Madrid,Banco Espanol de Credito S.A.,Bankinter S.A.,Barclays Bank S.A.,Caja de Ahorros y Pensiones de Barcelona,Banco de Sabadell S.A.,Banco Popular Espanol S.A.,Instituto de Credito Oficial,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),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.,CaixaBank 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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