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BBVA Bancomer S.A. Jul 10
Standard & Poors, July 2010
Abstract
Strong market position and franchise value Adequate stand-alone creditworthiness Good financial performance during the past three years Asset quality deterioration resulting from economic and market conditions Higher loan-to-deposit ratio compared with peers' Challenging economic and market environment Standard & Poor's Ratings Services' ratings on BBVA Bancomer S.A. reflect the bank's adequate stand-alone creditworthiness--notably its sound market position, adequate recurrent earnings and profitability, and good financial performance over the past three years. Somewhat offsetting these factors are our concerns about the bank's asset quality, which has deteriorated over the past two years, and higher loan-to-deposit ratio than at its main peers with similar ratings. We consider BBVA Bancomer to be a strategically important subsidiary of its parent, Banco Bilbao Vizcaya Argentaria...
Companies mentioned in this report are: BBVA Bancomer 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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