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Banco Comercial Portugues, S.A. Jun 11
Standard & Poors, June 2011
Abstract
Likelihood of receiving extraordinary government support. Solid business position within the concentrated Portuguese banking system. Profitable operations in Poland, Mozambique, and Angola. Portuguese authorities' supportive stance--within the EU framework--toward the country's financial system. Difficult economic, financial, and operating environment in Portugal that will likely weaken asset quality and profitability. Increasing risks relating to a meaningful exposure to Greece. Vulnerability to challenging funding conditions stemming from high reliance on wholesale funding. Meaningful pension burden. The ratings on Portugal-based Banco Comercial Portugu-s, S.A. (Millennium bcp) benefit from a one-notch uplift above Standard & Poor's Ratings Services' assessment of the bank's stand-alone credit (SACP) to reflect the extraordinary government support Standard & Poor's believes the bank would receive if necessary as a highly...
Companies mentioned in this report are: Banco Comercial Portugues, S.A.,Bank Millennium Capital Group (Unsolicited Ratings)
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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