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BULLETIN: HSBC Bank Brasil S.A. Announces Sale of Health Insurance Portfolio Feb 03
Standard & Poors, Feb 2003
Abstract
Standard & Poor's Ratings Services said today that the divestment of the health insurance portfolio of HSBC Seguros S.A.-a subsidiary of HSBC Bank Brasil S.A. (local currency counterparty credit ratings 'BB/Negative/B'; foreign currency counterparty credit ratings 'B+/Negative/B')-will not affect Standard & Poor's ratings on HSBC Bank Brasil S.A. The divestment, which is expected to be concluded on May 1, is still conditional on approval by the local regulatory authorities. The health insurance portfolio represented around 28% of the group's insurance business in Brazil during 2002 and contributed about 7% to the total insurance arm net profit in the first half of 2002. In Standard & Poor's opinion, the sale will not have a relevant impact on the bank's profitability due...
Companies mentioned in this report are: HSBC Bank Brasil S.A.,HSBC Holdings PLC
Action: S&P Event
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.
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