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BBVAPR Holding Corp. Nov 04
Standard & Poors, Nov 2004
Abstract
Proven parental support A highly liquid investment portfolio with an average duration of 18 months Low profitability Heavy reliance on wholesale funding that includes CP, repos, and brokered deposits Business is heavily concentrated in Puerto Rico The ratings for Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR) reflect its strategic importance to its parent, Banco Bilbao Vizcaya Argentaria S.A. (AA-/Stable/A-1+), an above-average capital base, and a highly liquid investment portfolio, offset by weak profitability, a heavy reliance on wholesale funding sources, high levels of nonperforming assets (NPAs), and BBVA PR's geographically concentrated business in Puerto Rico. Since 1998, BBVA S.A. has invested over $270 million in acquisitions to build BBVA PR's presence in Puerto Rico. Additionally, BBVA S.A. has demonstrated...
Companies mentioned in this report are: BBVA Global Finance Ltd.,Banco de Credito Local de Espana S.A.,BBVA Capital Funding 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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