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Banque Generale du Luxembourg Nov 03
Standard & Poors, Nov 2003
Abstract
The ratings on Banque G-n-rale du Luxembourg (BGL) reflect the bank's status as a core member of the Fortis Bank group, its low-risk profile, and strong liquidity. The bank has satisfactory profitability, and sound capitalization. BGL's financial flexibility, primarily derived from significant hidden reserves, is a further positive rating factor. The ratings also reflect an expectation that the fiscal and legal environment of the Luxembourg financial sector will remain favorable in the foreseeable future and that banking secrecy will be maintained. BGL is one of three banks that dominate the Luxembourg banking scene, with a leading position in both commercial and private banking. The bank fits in totally with Fortis Bank's strategy of being one of the leading banks in...
Companies mentioned in this report are: BGL BNP Paribas S.A.,Fortis Bank SA/NV,ASLK-CGER North America Inc.,Ageas Insurance Ltd (Unsolicited Ratings),Amlin Corporate Insurance N.V.,Bilbao, Compania Anonima de Seguros y Reaseguros S.A.,Ageas SA/NV,Ageas N.V.,Fortis Finance N.V.,BNP Paribas Fortis Funding
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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