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Banco de Sabadell S.A. Apr 09
Standard & Poors, April 2009
Abstract
Attractive retail banking franchise in Spain Increased diversified profile, owing to a successful growth strategy Strong position in its home market Expertise in its core business of lending to small and midsize enterprises Expected resilience of revenue generation capacity Expected deterioration in credit performance Meaningful exposure to the real estate development sector Significant customer concentration Lower business and geographic diversification than large domestic universal competitors The ratings on Spain-based Banco de Sabadell S.A. are supported by the bank's deep franchise and diversified profile across Spain, resulting from a successful growth strategy; strong position and expertise in its core market; and resilient revenue generation capacity. These factors are counterbalanced by Sabadell's significant exposure to real estate developers, single-name concentration, and lending...
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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