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BBVA PR Holding Corporation Oct 03
Standard & Poors, Oct 2003
Abstract
Demonstrated parental support Strong capital Lower profitability relative to that of peers Business entirely concentrated in Puerto Rico The ratings for Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR) reflect its strategic importance to its ultimate parent, Banco Bilbao Vizcaya Argentaria S.A. (BBVA S.A., AA-/Stable/A-1+), a strong but declining capital base, improving profitability, high dependence on wholesale funding, below average asset quality, and BBVA PR's geographically concentrated business in Puerto Rico. Since 1998, BBVA S.A. has invested over $270 million on acquisitions to build its presence in Puerto Rico. Additionally, BBVA S.A. has demonstrated support for its other subsidiaries, especially in Latin America. As a result, Standard & Poor's Ratings Services believes BBVA PR to be a strategically important subsidiary....
Companies mentioned in this report are: 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,Banco Bilbao Vizcaya Argentaria Puerto Rico
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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