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Banco Comercial Portugues, S.A. Jul 04
Standard & Poors, July 2004
Abstract
Dominant market position in Portugal and diversified business profile; Strong management, backed by a successful track record; Robust earnings power; Sound domestic asset quality; and Demonstrated resilience during the economic downturn. Track record of tight capital management; Market risk exposure through the portfolio of equity holdings, and indirectly through pension obligations; Higher risk profile of its foreign operations (Poland and Greece, in particular), compared with that of its domestic operations; and High private sector leverage and rapid credit expansion prior to the downturn. The ratings on Banco Comercial Portugu-s S.A. (Millennium bcp) reflect the bank's dominant market position in Portugal, diversified business profile, skilled management, and strong and resilient earnings power. They also factor in its track record of tight...
Companies mentioned in this report are: Banco Comercial Portugues S.A.,The Royal Bank of Scotland N.V.,Banco de Sabadell S.A.,Intesa Sanpaolo SpA,Millennium bcp Investimento - Banco Comercial de Investimento S.A.,Eureko B.V.,EDP - Energias de Portugal S.A.,Seguros e Pensoes GERE S.G.P.S. 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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