Summary: Banco Indusval S.A.

Standard & Poors, April 2007

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.

Abstract
Standard & Poor's Ratings Services' ratings on Banco Indusval S.A. (Indusval) reflect the challenge of searching for a lower cost and diversified funding base and to gain scale to minimize the pressure on the bank's profitability, given reduced spreads. These credit risk factors are partially offset by Indusval's good position as a niche bank in the middle-market segment, relying on the agility of its decision-making process and strong business knowledge; its good track record regarding credit quality, which is supported by the bank's expertise in using receivables as collateral; and the bank's strong liquidity position and good profitability. With Brazilian reais (R$) 1.1 billion ($477 million) of total assets as of December 2006, Indusval is a small Brazilian bank that...

Companies mentioned in this report are: Banco Indusval S.A.,HSBC Bank Brasil S.A.
Action: Review

Banco Indusval S.A.,HSBC Bank Brasil S.A.

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