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BES Investimento do Brasil Jul 11
Standard & Poors, July 2011
Abstract
Strong liquidity Capacity to leverage parent's relationships and expertise Uncertainties regarding the bank's support from its parent Small size, and status as a new entrant in some business segments Very competitive environment in key business segments Exposure to volatility in market-related incomes Standard & Poor's Ratings Services' ratings on BES Investimento do Brasil (BESI Brasil) incorporate its status as a strategically important subsidiary of Portugal-based Banco Esp-rito Santo de Investimento S.A. (BESI; BBB-/Negative/A-3), itself a subsidiary of Banco Esp-rito Santo S.A. (BES; BBB-/Negative/A-3). We currently have BESI Brasil listed on CreditWatch with negative implications, which reflects our concerns as we reassess the importance and role of the Brazilian subsidiary in the parent company's strategy, as it faces stressful market conditions...
Companies mentioned in this report are: BES Investimento do Brasil,Banco Espirito Santo S.A.,BES Finance Ltd.,Banco Espirito Santo de Investimento S.A.,Espirito Santo Investment PLC
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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