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Banco Citibank S.A. Mar 11
Standard & Poors, March 2011
Abstract
Strategically important subsidiary of Citigroup Inc. Long track record operating in Brazil and well-recognized franchise. Sound historical liquidity policies. Worse asset quality than peers. Worse profitability than peers. Increased dependency on volatile sources of income. Standard & Poor's Ratings Services' ratings on Banco Citibank S.A. incorporate its strategic importance to Citigroup Inc. (A/Negative/A-1), its long track record of operations in the country, historical sound liquidity policies, and adequate capitalization. Partially offsetting these strengths are an increased dependency on treasury income and worse asset quality and income generation than peers. Citibank is part of CitiCorp businesses, which comprise assets that are strategic to the group. Emerging markets are key to the group's strategy of having a global presence and will likely...
Companies mentioned in this report are: Banco Citibank S.A.,Citigroup Inc.,HSBC Bank Brasil S.A.,Banco Santander (Brasil) S.A.
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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