HSBC Bank Brasil S.A. Aug 10
- ID: 1782767
- August 2010
- Region: Brazil
- Standard & Poors
Well-established, diverse franchise in Brazil; High integration and support from shareholders; and Good liquidity allows the company to withstand a volatile economic environment. Asset quality deterioration as a result of adverse economic conditions; Challenge to improve its profitability despite competitive pressures; and Intrinsic economic risks in the Brazilian financial system. The ratings on HSBC Bank Brasil S.A. (HSBC Brasil) reflect Standard & Poor's Ratings Services' view of the bank's stand-alone credit profile (SACP), which we assess as equivalent to 'BB+', plus one notch of elevation. This one notch reflects our view of HSBC Brasil as a strategically important subsidiary of HSBC Holdings PLC (AA-/Stable/A-1+). The SACP on HSBC Brasil reflects the bank's challenges of operating in a very competitive environment...
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Research Type: Full Analysis
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