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Banco Salvadoreno S.A. Feb 07
Standard & Poors, Feb 2007
Abstract
Strategically important subsidiary of HSBC Holdings PLC Adequate performance and diversified loan portfolio with lower exposure to real estate loans than that of peers Large portfolio of nonperforming assets (NPAs) Small Salvadorian economy with low growth prospects Standard & Poor's Ratings Services' ratings on Banco Salvadore-o S.A. (Salvadoreno) are constrained by its vulnerable asset quality and low reserve coverage of NPAs, which is also the case for other banks in the country. The ratings are also constrained by the relatively small size and limited diversification of El Salvador's economy and strong competition. The ratings are supported by the strategically important status of Salvadoreno to HSBC Holdings PLC (AA-/Positive/A-1+), the bank's satisfactory market position, diversified portfolio, adequate performance, and lower exposure...
Action: Review
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
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