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Summary: Banco Bilbao Vizcaya Argentaria Puerto Rico Feb 10
Standard & Poors, Feb 2010
Abstract
Standard & Poor's Ratings Services' ratings on Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR) reflect the bank's significant and rapid credit deterioration within its loan portfolio, unprofitable operations, and high reliance on wholesale funding. The ratings also reflect the bank's concentration in the economically depressed and highly competitive Puerto Rico market. However, its diversified lending activities, high-quality investment portfolio, and adequate capital ratios partially offset these weaknesses. The counterparty credit rating on BBVA PR is three notches above our stand-alone credit assessment of the bank, which reflects our view of its strategic importance to its highly rated parent, Banco Bilbao Vizcaya Argentaria S.A. (BBVA SA; AA/Negative/A-1+). BBVA PR has experienced notable and rapid credit deterioration in its loan portfolio...
Companies mentioned in this report are: Banco Bilbao Vizcaya Argentaria Puerto Rico,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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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