BES Investimento do Brasil Apr 10

Standard & Poors, April 2010

Abstract
Ownership support, for good access to funding and financial flexibility Strong liquidity Capacity to leverage parent's relationships and expertise Small size, and status as a new entrant in some business segments Very competitive environment in key business segments Exposure to volatility in market-related incomes The ratings on BES Investimento do Brasil (BESI Brasil) reflect its status as a strategically important subsidiary of Portugal-based Banco Espírito Santo de Investimento S.A. (BESI; A/Negative/A-1), itself a subsidiary of Banco Espírito Santo S.A. (BES; A/Negative/A-1). This strong ownership structure supports the bank's better-than-peers financial flexibility and allows it to take advantage of both its relationship with global customers and its parents' banking expertise. Since Standard & Poor's Ratings Services considers BESI Brasil to be...

Companies mentioned in this report are:
- BES Investimento do Brasil
- Brazil (Federative Republic of)
- Banco Espirito Santo S.A.
- Banco Bradesco S.A.
- BES Finance Ltd.
- Banco Espirito Santo de Investimento S.A.
- Espirito Santo Investment PLC

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

- BES Investimento do Brasil
- Brazil (Federative Republic of)
- Banco Espirito Santo S.A.
- Banco Bradesco S.A.
- BES Finance Ltd.
- Banco Espirito Santo de Investimento S.A.
- Espirito Santo Investment PLC

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