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Banco Santander S.A. Apr 09
Standard & Poors, April 2009
Abstract
Well-diversified geographic and business profiles Solid positions in core markets Strong management capabilities and clear strategic focus Sound operating profitability Tight credit risk management Deteriorating asset quality in most business units High economic risk arising from Latin American investments High credit risk in the Spanish real estate market Acquisition-driven stance carrying inherent execution risk The ratings on Spain-based Banco Santander S.A. reflect our view of its sharp strategic focus and strong management capabilities, well-diversified geographic spread and business profile, solid presence in core markets, and sound operating profitability. Standard & Poor's Ratings Services also factors into the ratings our view on the bank's deteriorating asset quality, its economic risk linked to Latin America operations, and inherent execution risks stemming from...
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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