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BancWest Corp. Apr 09
Standard & Poors, April 2009
Abstract
Implicit support from its parent, BNP Paribas Consistently strong earnings An increasingly diversified loan portfolio Weak tangible capital at BancWest Corp., as the intermediate holding company High nonperforming assets and pressures on asset quality Standard & Poor's Ratings Services' rating on BancWest Corp. (BWE) reflects the implicit support the company receives as a strategically important subsidiary of its parent, BNP Paribas (AA/Negative/A-1+); consistently strong earnings; an increasingly diversified loan portfolio; and BWE's adequate stand-alone financial profile. The rating strengths are offset by weak tangible capital, and high nonperforming assets (NPAs) and pressures on the bank's asset quality generally. We view BWE as a strategically important subsidiary of BNP Paribas and an important element of its platform. We incorporate a four-notch...
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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