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Banco Santander S.A. (Mexico) Sep 10
Standard & Poors, Sep 2010
Abstract
Focused business model generating highly efficient operations; Market knowledge and active credit management, creating improved asset quality; Strong risk-adjusted capital levels; and Low cost-to-income ratio underpinned by good operational efficiencies. Declining credit portfolio; More adverse economic conditions for its parent that could affect the financial profile of the Mexican subsidiary through largest dividends; and Strong competition in the Mexican banking sector. The ratings on Banco Santander S.A. (Mexico) (Santander) reflect the bank's stand-alone creditworthiness, which reflects its successful business profile and adequate financial performance. Santander's profitability (which is lower than that of its peer institutions), as well as tough competition, limit the ratings. Standard & Poor's Ratings Services considers Santander to be strategically important to Banco Santander S.A. (AA/Negative/A-1), its...
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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