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Banco Espirito Santo de Investimento, S.A. May 10
Standard & Poors, May 2010
Abstract
Full ownership by and integration within Banco Espirito Santo S.A. Strong position in investment banking in Portugal. Growing geographic diversification. Predominantly market-related revenue base, which introduces volatility risk into returns. Fast-growing exposures to Brazil and inherently riskier leveraged and project finance. High level of risk concentration (relative to core capital) to the largest borrowers. The ratings on Portugal-based Banco Espirito Santo de Investimento, S.A. (BESI) are underpinned by full ownership by and integration within Banco Espirito Santo, S.A. (BES; A-/Negative/A-2). They also benefit from BESI's strong position in investment banking in Portugal and increasing geographic diversification. Counterbalancing these factors are BESI's predominantly market-related revenue base, which introduces volatility risk into returns; high credit exposure to inherently riskier Brazilian obligors and...
Companies mentioned in this report are: Banco Espirito Santo de Investimento S.A.,Banco Espirito Santo S.A.,BES Finance Ltd.,Espirito Santo Investment PLC,BES Investimento do Brasil
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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