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Banco de Sabadell S.A. Mar 08
Standard & Poors, March 2008
Abstract
Strengthened franchise and more diversified profile resulting from a successful growth strategy Conservative management of growth, particularly by acquisitions Strong asset-quality track record throughout the economic cycle Healthy operating performance Significant customer concentration Meaningful exposure to the real estate development sector Still lower business and geographic diversification than large universal domestic competitors The ratings on Spain-based Banco de Sabadell S.A. are supported by its strengthened franchise and more diversified profile, conservative growth management, sound asset quality track record, and healthy operating performance. These positive factors are counterbalanced by the bank's high exposure to the real estate sector, meaningful customer concentration, and still-lower business and geographic diversification than the largest domestic players. Sabadell has leveraged on its strong position in its...
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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