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Banco Bilbao Vizcaya Argentaria Puerto Rico Sep 02
Standard & Poors, Sep 2002
Abstract
The ratings on Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR) reflect its strategic importance to its parent company, Banco Bilbao Vizcaya Argentaria S.A. (AA-/Negative/A-1+), demonstrated parental support, improving earnings dynamics, and a strong capital base. The ratings also reflect the bank's below-average asset quality, its level of reliance on wholesale funds, and business risk associated with a geographically concentrated bank. BBVA PR's profitability measures have been improving, but still lag those of other peer banks. At the end of the first quarter, ROAA stood at 0.72%, while the efficiency ratio was 60.7%. Both these figures exclude nonrecurring income from the sale of three branches and a portion of the mortgage loan portfolio. Previously, BBVA PR had relied on acquisitions...
Companies mentioned in this report are: Banco Bilbao Vizcaya Argentaria Puerto Rico,BBVA Global Finance Ltd.,Banco de Credito Local de Espana S.A.,BBVA Capital Funding Ltd.,BCL International Finance Ltd.,Banco Bilbao Vizcaya Argentaria S.A.,Banco Bilbao Vizcaya Argentaria Uruguay
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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