|
|
 |
|
Viewing report
|
|
|
|
Banco de Cr?dito Local de Espa?a S.A. Apr 03
Standard & Poors, April 2003
Abstract
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 Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA-/Negative/A-1+). The ratings also factor in BCL's limited diversification, which restricts its flexibility to deal with competitive pressures. This became evident in recent years, when the competitive environment put substantial pressure on BCL's margins, causing the bank's historically strong profitability to decline to less outstanding levels. As a result of its niche focus on Spanish local governments, BCL's credit track record is one of the best in the country. In the past decade, only a handful of borrowers have become delinquent, and...
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
|
|
|
|
