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Banco HSBC Salvadore?o S.A. Mar 09
Standard & Poors, March 2009
Abstract
Strategically important subsidiary of HSBC Holdings PLC Adequate performance and diversified loan portfolio Lower exposure to real estate loans than its peers Large portfolio of nonperforming assets (NPAs) Small Salvadorian economy with low growth prospects Strong competition Standard & Poor's Ratings Services' ratings on Banco HSBC Salvadore-o S.A. are constrained by the bank's vulnerable asset quality and low reserve coverage of NPAs (as is the case for other Salvadoran banks), as well as the relatively small size and limited diversification of El Salvador's economy, and strong domestic competition. The ratings are supported by the bank's strategic importance to parent HSBC Holdings PLC (AA-/Negative/A-1+), its satisfactory market position, diversified portfolio, adequate performance, and lower exposure to real estate-related loans than its...
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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