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Banco Espirito Santo de Investimento, S.A. Apr 08
Standard & Poors, April 2008
Abstract
Full ownership by and integration within Banco Espirito Santo S.A. Strong position in investment banking in Portugal Good operating efficiency Fast-growing exposures to inherently high-risk Brazilian debtors and leveraged and project finance Predominantly market-related revenue base, which introduces volatility risk into returns High level of risk concentration (relative to core capital) at 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/Stable/A-1). They also benefit from BESI's strong position in investment banking in Portugal. Counterbalancing these factors are BESI predominantly market-related revenue base, which introduces volatility risk into returns; meaningful credit exposure (relative to core capital) to inherently riskier leveraged finance...
Companies mentioned in this report are: Banco Espirito Santo de Investimento S.A.,Banco Espirito Santo 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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