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Bank Industry Risk Analysis: Portugal (Republic of) May 07
Standard & Poors, May 2007
Abstract
Sound performance and financial profile, resilient to changes in the operating and economic environment Highly competitive and sophisticated industry, with commercial and risk management practices on a par with those of most advanced EU peers Concentrated system with strong retail franchises Relatively prosperous and diversified economy, benefiting from stability as part of EMU High level of banking intermediation High level of private sector corporate and household indebtedness Below-potential economic growth that is not yet in line with the EU average Comparatively high capital leverage Significant risk concentration in a handful of domestic industrial groups In a global context, Standard & Poor's Rating Services considers the banking industry of the Republic of Portugal (AA-/Stable/A-1+) to be low risk. We rank the...
Companies mentioned in this report are: Banco Espirito Santo S.A.,Caixa Geral de Depositos S.A.,Banco Comercial Portugues S.A.,Caja de Ahorros y Pensiones de Barcelona,Banco de Sabadell S.A.,Banco BPI S.A.,Itau Unibanco Holding S.A.,Banco Santander Totta S.A.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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