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Banco Espirito Santo, S.A. Apr 08
Standard & Poors, April 2008
Abstract
Strong position and competitive edge in Portuguese retail banking Outstanding operating efficiency Asset quality resilience amid difficult economic conditions Excessive single-name concentration and exposure to emerging markets Higher proportion of volatile market-related income than for peers Significant market risk arising from long-term equity holdings Lower-than-average financial flexibility due to ownership structure The ratings on Banco Espirito Santo, S.A. (BES) are supported by its strong market position in Portugal, good core profitability, and resilient asset quality amid difficult economic conditions. Offsetting factors include excessive single-name concentration and exposure to emerging markets, namely Brazil and Angola; significant market risk arising from long-term equity holdings; and a higher proportion of market-related income than for peers. BES enjoys a strong position as the third-largest...
Companies mentioned in this report are: Banco Espirito Santo S.A.,Banco Espirito Santo de Investimento 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.
Research Type: Full Analysis
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