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Banco Santander S.A. Sep 10
Standard & Poors, Sep 2010
Abstract
Well-diversified geographic and business profile. Solid positions in core markets. Strong management capabilities and clear strategic focus. Sound, resilient operating profitability. Solid capitalization. Higher credit risk of Santander's Latin American exposures. Likely high credit losses from exposures to the Spanish real estate market. Proven large appetite for acquisitions. The ratings on Spain-based Banco Santander S.A. reflect Standard & Poor's Ratings Services' view of its strong business profile, particularly its wide and sensible geographic diversification, solid market share in core markets, and successful and well-executed strategy. The ratings also reflect its strong, resilient operating profitability and solid capitalization following a significant improvement in 2009. The ratings also factor in the inherently higher credit risk embedded in Santander's Latin American exposures and...
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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