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Banco Espirito Santo, S.A. Apr 10
Standard & Poors, April 2010
Abstract
Strong position and competitive edge in Portuguese retail banking. Strong operating efficiency and cross-selling capabilities, which support adequate core profitability. Track record of adequate, resilient asset quality. Higher proportion of volatile market-related income than for peers. Significant market risk arising directly from long-term equity holdings and indirectly from pension fund commitments. Limited financial flexibility of Banco Espirito Santo's ultimate controlling shareholder, Espirito Santo Financial Group. High single-name concentration and exposure to emerging markets. The ratings on Portugal-based Banco Espirito Santo, S.A. (BES) are supported by Standard & Poor's Ratings Services' view of the bank's solid position in its domestic market; strong operating efficiency and cross-selling capabilities, which contribute to adequate core profitability; and track record of adequate, resilient asset quality...
Companies mentioned in this report are: Banco Espirito Santo S.A.,BES Finance Ltd.,Banco Espirito Santo de Investimento S.A.,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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