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BBVA Banco Frances' Ratings Affirmed After Announced Exchange Offer Jan 01
Standard & Poors, Jan 2001
Abstract
NEW YORK (Standard & Poor's CreditWire) Jan. 24, 2001--Standard & Poor's today affirmed all its outstanding ratings, including its double-'B'-minus long-term counterparty credit rating and its single-'B' short-term counterparty credit rating, on BBVA Banco Franc-s after Banco Bilbao Vizcaya Argentaria S.A. (double-'A'-minus/Stable/'A-1+') announced its intention to launch an exchange offer to increase its stake to 100% of the capital. The outlook remains stable. The main shareholder plans to offer two new BBVA shares for every three shares of Banco Franc-s, which implies a premium of approximately 16% for Banco Franc-s' shareholders. Concurrently, BBVA will apply to the Buenos Aires Stock Exchange to list its shares. With a successful share exchange, BBVA intends to control 100% of Banco Franc-s' stock, increasing...
Companies mentioned in this report are: BBVA Banco Frances S.A.,Banco Bilbao Vizcaya Argentaria S.A.
Action: Affirmed
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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