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BULLETIN: Banco Bilbao Vizcaya Argentaria Posts Large Argentina-Related Charges Jan 02
Standard & Poors, Jan 2002
Abstract
Standard & Poor's stated today that the substantial charges to cover investments in Argentina announced by Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA-/Stable/A-1+) will not affect its ratings on the group. BBVA has made a -1,282 million charge to its income statement (before tax and minorities; -743 million after) and a -321 million charge against reserves to cover fully its investments in Argentina. Nevertheless, BBVA reported 6% growth in attributable income, mainly due to a higher contribution from other Latin American subsidiaries--especially Mexican Bancomer--and stable profits from its non-Latin American business. BBVA's profitability remains strong, with ROA (excluding preferred dividends) of 0.89%, and core capitalization is stable. Standard & Poor's will continue to monitor closely developments in Argentina, their impact...
Companies mentioned in this report are: Banco Bilbao Vizcaya Argentaria S.A.
Action: S&P Event
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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