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Banco Espirito Santo, S.A. Mar 09
Standard & Poors, March 2009
Abstract
Strong position and competitive edge in Portuguese retail banking Strong operating efficiency and cross-selling capabilities Track record of adequate, resilient asset quality through the economic cycle 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 Banco Espirito Santo, S.A. (BES) remain supported by the bank's solid market position in Portugal; strong operating efficiency and cross-selling capabilities; and track record of adequate, resilient asset quality through the cycle. Offsetting factors include a higher proportion of market-related income than for peers, significant...
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
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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