Slovenska Sporitelna a.s. Oct 10
Standard & Poors, October 2010
Abstract
Strong support and commitment from the sole owner, Austria-based Erste Group Bank. Solid franchise and dominant market position. Good funding and liquidity position. Strong operating profitability. Still-fragile economic recovery in the Slovak Republic. High credit risk emanating from the deteriorating corporate portfolio mainly comprised of small and midsize enterprises (SME). The unsolicited public-information ('pi') rating on Slovak Republic-based Slovenska Sporitelna a.s. (SLSP) reflects its importance as a core entity to its 100% owner Austria-based Erste Group Bank AG (A/Negative/A-1), its solid domestic franchise and dominant market position, good funding and liquidity position, and strong operating profitability. The ratings are constrained by the still-fragile economic recovery in the Slovak Republic (A+/Stable/A-1), and SLSP's high credit risk emanating from its deteriorating corporate...
Companies mentioned in this report are:
- Slovenska Sporitelna A.S. (Unsolicited Ratings)
- Ceska Sporitelna A.S.
- Erste Group Bank AG
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
- Slovenska Sporitelna A.S. (Unsolicited Ratings)
- Ceska Sporitelna A.S.
- Erste Group Bank AG
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