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Banco Espanol de Credito S.A. Jul 11
Standard & Poors, July 2011
Abstract
Majority ownership by and core position within Banco Santander S.A. Valuable franchise in retail banking in Spain. Sound management. Still healthy profitability, anchored by excellent efficiency. Sound risk management. Rapid organic growth prior to the global downturn, which increasedd credit risk in the loan book. Significant exposure to the real estate development sector. The ratings on Banco Espa-ol de Cr-dito S.A. (Banesto) are based on the bank's core position within Spanish banking group Banco Santander S.A. (AA/Negative/A-1+). In Standard & Poor's Ratings Services' view, Banesto's position is underpinned by Santander's management control and majority ownership. It is further underpinned by the subsidiary's significant contribution to the strength of the group in one of its main markets and banking businesses. In...
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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