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Banco Comercial Portugues, S.A. Mar 06
Standard & Poors, March 2006
Abstract
Dominant market position in Portugal; Focused strategy and talented management, backed by a successful track record; Robust earnings power and prospects of improving returns; Sound domestic asset quality; and Demonstrated resilience under difficult economic conditions. Tight capital position; Large pension obligations, which expose the capital base to meaningful volatility; Excessive single-name concentration; and Higher risk profile inherent in the bank's foreign operations. The ratings on Banco Comercial Portugu-s, S.A. (Millennium bcp) reflect its dominant market position in Portugal, focused strategy and skilled management, sound domestic asset quality, and strong and resilient earnings power. They also factor in its still-tight capital position, the burden of its pension commitments, high single-name concentration, and the international operations' higher credit risk profile. The implications...
Companies mentioned in this report are: Banco Comercial Portugues S.A.,Banco de Sabadell S.A.,Millennium bcp Investimento - Banco Comercial de Investimento S.A.,Banco BPI S.A.,EDP - Energias de Portugal 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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