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Banco de Credito Local de Espana S.A. Dec 06
Standard & Poors, Dec 2006
Abstract
Extremely low risk profile given the focus on public sector lending Solid market position in its niche market Enviable operating efficiency Full ownership by and status as a core subsidiary of Banco Bilbao Vizcaya Argentaria, S.A. Limited business diversification leaving the bank vulnerable to heightened competition Reliance on wholesale funding The ratings on Banco de Cr-dito Local de Espa-a S.A. (BCL) reflect the bank's extremely low risk profile; strong position in lending to local authorities; outstanding operating efficiency; and full ownership by, and high degree of integration with, its parent Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; AA-/Positive/A-1+). They also factor in BCL's limited business diversification--which restricts flexibility to deal with competitive pressures--and reliance on wholesale funding. BCL's credit track record...
Companies mentioned in this report are: Banco de Credito Local de Espana S.A.,Banco Bilbao Vizcaya Argentaria S.A.
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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