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Banco Espirito Santo And Its Subsidiary Upgraded To 'A/A-1'; Outlook Stable Mar 07
Standard & Poors, March 2007
Abstract
MADRID (Standard & Poor's) March 28, 2007--Standard & Poor's Ratings Services today raised its counterparty credit ratings on Portuguese bank Banco Espirito Santo S.A. (BES) and core subsidiary Banco Espirito Santo de Investimento, S.A. (BESI) to 'A/A-1' from 'A-/A-2'. The outlook is stable. 'The upgrade reflects BES' adoption of a more conservative stance toward capital management in the context of stronger growth and additional capital consumption by the insurance business,' said Standard & Poor's credit analyst Renato Panichi. The rating action also reflects the bank's gradual strengthening of its franchise in Portugal's competitive market and ability to maintain adequate asset quality in a difficult domestic economic environment. BES enjoys a strong position as the third-largest bank in the highly competitive,...
Companies mentioned in this report are: Banco Espirito Santo S.A.,Banco Espirito Santo de Investimento S.A.
Action: Outlook: Stable
Action: Upgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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