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Banco de Cr?dito Local de Espa?a S.A. Dec 07
Standard & Poors, Dec 2007
Abstract
Full ownership by and core status to Banco Bilbao Vizcaya Argentaria Extremely low risk profile given its focus on public sector lending Solid market position in its niche market Enviable operating efficiency Limited business diversification, leaving it vulnerable to heightened competition Reliance on wholesale funding The ratings on Banco de Cr-dito Local de Espa-a S.A. (BCL) benefit from its status as a core subsidiary of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; AA-/Positive/A-1+). The ratings also reflect BCL's own extremely low risk profile, strong position in lending to local authorities, and outstanding operating efficiency. Conversely, limited business diversification--which restricts flexibility to deal with competitive pressures--and reliance on wholesale funding are negative rating factors. Standard & Poor's Ratings Services considers BCL to...
Companies mentioned in this report are: Banco de Credito Local de Espana S.A.,BBVA USA Bancshares Inc.,Compass Bank,Compass Trust I ,Banco Bilbao Vizcaya Argentaria S.A.,Compass Loan Holdings Inc.,Compass Trust III,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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