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Banco Espanol de Credito, S.A. Jul 10
Standard & Poors, July 2010
Abstract
Majority ownership by and core position within Banco Santander S.A. Valuable franchise in retail banking in Spain, and sound management. Still healthy profitability, anchored by excellent efficiency. Sound risk management. Rapid organic growth prior to the downturn, which increases credit risk in the loan book. Meaningful 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 of the bank since 1994, as well as the subsidiary's significant contribution to the strength of the group in one of its main markets 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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