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BULLETIN: Banco Santander Central Hispano to Sell 24.9% of Grupo Financiero Santander Serfin Dec 02
Standard & Poors, Dec 2002
Abstract
Standard & Poor's Ratings Services said today that Spain-based Banco Santander Central Hispano, S.A.'s (SAN; A/Stable/A-1) agreement to sell a 24.9% stake in its Mexican subsidiary Grupo Financiero Santander Serfin to Bank of America Corp. (BoA; A+/Stable/A-1) for $1.6 billion will not lead to a change in its ratings on the Spanish bank. The transaction reduces, albeit just slightly, SAN's investment at risk in Latin America, and, with the realization of $700 million in capital gains, adds to cushions created by SAN in recent months through asset disposals, including minority stakes in some other subsidiaries. However, these factors do not entirely offset SAN's still high degree of exposure to Latin America (especially Brazil), which is experiencing increased volatility. ANALYST E-MAIL...
Companies mentioned in this report are: Banco Santander S.A.,Bank of America Corp.
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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