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Santander Consumer Finance, S.A. Oct 10 Product Image

Santander Consumer Finance, S.A. Oct 10

  • ID: 1856392
  • October 2010
  • Standard & Poors

Abstract
Core status within Banco Santander S.A. Strong position in core markets. Good geographic diversification. Fairly resilient pre-impairment profitability. Increased cost of risk following asset quality deterioration. Significant business concentration in auto financing. Challenges of integrating all Santander Consumer Finance units following an intensive acquisition strategy. The ratings on Spain-based Santander Consumer Finance, S.A. (SCF) are supported by Standard & Poor's Ratings Services' view of the bank's core position within Banco Santander S.A. (Santander; AA/Negative/A-1+), strong and well-diversified franchise, and fairly resilient pre-impairment profitability. They are constrained, in our opinion, by the rapid increase in the cost of risk, SCF's significant business concentration in auto financing, and the challenges of integrating all SCF units after an intensive acquisition strategy. We equalize...

Companies mentioned in this report are:
- Santander Consumer Finance S.A.
- Banco Santander 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

- Santander Consumer Finance S.A.
- Banco Santander S.A.

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