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Banco de Sabadell S.A. Sep 11
Standard & Poors, Sep 2011
Abstract
Our view of the bank's high systemic importance, which supports our opinion of the likelihood that Sabadell would receive extraordinary government support if needed. Attractive retail banking franchise in Spain. Expertise in its core business of lending to small and midsize enterprises (SMEs). Expectations of asset quality and profitability weakening in the context of a challenging 2011 operating and economic environment. Meaningful exposure to real estate developers. High single-name concentration. Focus on inherently riskier SME lending. The ratings on Spain's Banco de Sabadell S.A. are underpinned by Standard & Poor's Ratings Services' view of Sabadell's high systemic importance within the Spanish banking industry, its attractive franchise in Spain, and its expertise in its core small and midsize enterprise (SME) business....
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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