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Banco de Sabadell S.A. Jun 10
Standard & Poors, June 2010
Abstract
Likelihood of receiving extraordinary government support if needed given its high systemic importance. Attractive retail banking franchise in Spain. Expertise in its core business of lending to small and midsize enterprises. Good revenue generation capability. Expectations of asset quality and profitability weakening. Meaningful exposure to real estate developers. High single-name concentration. Focus on inherently riskier SME lending. Standard & Poor's Ratings Services placed the ratings on Spain-based Banco de Sabadell S.A. on CreditWatch with negative implications on June 11, 2010, following the announcement of a possible merger with Banco Guipuzcoano S.A. (not rated). Our assessment of Sabadell's stand-alone credit profile (SACP) is also under review because of the potential acquisition. We believe that Banco Guipuzcoano has a weaker credit profile...
Companies mentioned in this report are: Banco de Sabadell 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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