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Bulletin: Spain-Based Banco de Sabadell Ratings And Outlook Unchanged On News Of Landscape Sale Oct 06
Standard & Poors, Oct 2006
Abstract
MADRID (Standard & Poor's) Oct. 27, 2006--Standard & Poor's Ratings Services said today that its ratings and outlook on Banco de Sabadell S.A. (A/Positive/A-1) remain unchanged following the Spanish bank's announcement of the sale of its stake in the Landscape Group--a residential and commercial property development and rental group. The sale further supports our positive outlook on the bank: It will significantly reduce Sabadell's exposure to the inherently risky property development and construction sector, and, with the generation of -624 million in net capital gains, will help rebuild Sabadell's capital ratios in line with our expectations following the cash acquisition of Urquijo earlier this year. We will continue to monitor, as key factors for an upgrade, Sabadell's ongoing consolidation of...
Companies mentioned in this report are: Banco de Sabadell S.A.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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