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Banco HSBC Salvadore?o S.A. Apr 10
Standard & Poors, April 2010
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 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 its vulnerable asset quality and low reserve coverage of nonperforming assets (NPAs). The relatively small size and limited diversification of El Salvador's economy and strong competition in the banking system also limit the rating. HSBC Salvadore-o's strategically important status to HSBC Holdings PLC (HSBC), its diversified portfolio, and its lower-than-peers exposure to real estate-related loans support the rating. The ratings reflect one notch of support from the stand-alone credit profile....
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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