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Summary: Banco Bilbao Vizcaya Argentaria Uruguay May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services' ratings on Banco Bilbao Vizcaya Argentaria Uruguay (BBVA Uruguay) reflect the bank's low profitability--currently affected by acquisition costs--and high dollarization and low intermediation in the Uruguayan financial system. The bank's healthy asset quality, good market position, and explicit support from its parent, Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA/Negative/A-1+), somewhat offset the negative factors. We consider BBVA Uruguay as a strategically important subsidiary of BBVA; however, at this point the ratings don't incorporate any notches of support, because our sovereign ratings on the Oriental Republic of Uruguay (BB/Stable/B) cap them. BBVA Uruguay's strategically important status according to our group methodology reflects several factors, including BBVA's full ownership and explicit support of the Uruguayan subsidiary, recently...
Companies mentioned in this report are: Banco Bilbao Vizcaya Argentaria Uruguay,Banco Bilbao Vizcaya Argentaria 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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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