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Banco de Credito Local de Espana S.A. Dec 08
Standard & Poors, Dec 2008
Abstract
Full ownership by and core status to Banco Bilbao Vizcaya Argentaria Low risk profile given its focus on public sector lending Strong market position in its niche market Enviable operating efficiency Limited business diversification, leaving it vulnerable to heightened competition Reliance on wholesale funding The ratings on Banco de Cr-dito Local de Espana S.A. (BCL) benefit from the bank's status as a core subsidiary of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; AA/Stable/A-1+). The ratings also reflect BCL's own low risk profile, strong position in lending to Spanish local authorities, and outstanding operating efficiency. Conversely, limited business diversification and reliance on wholesale funding are negative rating factors. BCL is a small Spanish bank exclusively dedicated to servicing the needs of Spanish...
Companies mentioned in this report are: Banco de Credito Local de Espana S.A.,BBVA USA Bancshares Inc.,Compass Bank,Banco Bilbao Vizcaya Argentaria S.A.,Compass Loan Holdings Inc.,Banco Bilbao Vizcaya Argentaria Uruguay,Banco Bilbao Vizcaya Argentaria Puerto Rico,BBVA Panama S.A. y Subsidiarias
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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