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Banco de Credito Local de Espana S.A. Mar 09
Standard & Poors, March 2009
Abstract
Full ownership by and core status within Banco Bilbao Vizcaya Argentaria, S.A. Low risk profile, given the focus on public sector lending Strong position in its niche market Enviable operating efficiency Limited business diversification, resulting in vulnerability to heightened competition Reliance on wholesale funding The ratings on Banco de Cr-dito Local de Espa-a S.A. (BCL) benefit from the bank's status as a core subsidiary of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; AA/Negative/A-1+). BCL's stand-alone credit profile reflects its low risk profile, strong position in lending to Spanish local governments, and outstanding operating efficiency. Conversely, limited business diversification and reliance on wholesale funding are negative rating factors. Standard & Poor's Ratings Services considers BCL to be a core entity of and...
Companies mentioned in this report are: Banco de Credito Local de Espana S.A.,Banco Bilbao Vizcaya Argentaria S.A.
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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