Citibank N.A. (Uruguay Branch) May 11
Standard & Poors, May 2011
Abstract
High financial flexibility as a result of being a branch of Citibank N.A. New York, NY Credit portfolio's good quality Still-reduced lending activity and high dollarization in Uruguay Volatile profitability affected by international interest rates and local currency behavior Standard & Poor's Ratings Services' ratings on Citibank N.A. (Uruguay Branch) reflect sovereign risk and the bank's status as a branch of New York-based Citibank N.A. (A+/Negative/A-1). We assume that without the sovereign's direct intervention, the parent company would ensure full and timely payment of the Uruguayan branch's obligations. The sovereign credit ratings on the Oriental Republic of Uruguay (BB/Stable/B) constrain the ratings on Citibank Uruguay. The national scale ratings on the bank exclude sovereign intervention risk and indicate the bank's...
Action: Review
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Research Type: Full Analysis
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