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Banco de Sabadell S.A. Jan 06
Standard & Poors, Jan 2006
Abstract
Strong position in core business; Healthy operating performance; Conservative management of growth, particularly by acquisitions, which has helped maintain sound core solvency; and Strong asset-quality track record throughout the economic cycle. Meaningful exposure to the real estate development and construction sectors; and Lower business and geographic diversification than that of large universal domestic competitors. The ratings on Spain-based Banco de Sabadell S.A. reflect the bank's strong expertise and close ties with its customer base--factors that to a great extent underlie its historically sound performance. Although the acquisition of Banco Atl-ntico in 2004 and the process of integration have initially diluted returns, Sabadell's still-healthy revenue generation capacity benefits from its stronghold among small and midsize enterprises (SMEs) in the Autonomous Community...
Companies mentioned in this report are: Banco de Sabadell S.A.,Banco Comercial Portugues S.A.,Caja de Ahorros y Pensiones de Barcelona
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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