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Banco Santander S.A. (Mexico) Sep 11
Standard & Poors, Sep 2011
Abstract
Focused business model and highly efficient operations; Market knowledge and active credit management; Better-than-peers', though still deteriorating, asset quality; and Strong capitalization and satisfactory operating performance. Operation in a difficult operating environment for growth; Adverse economic conditions for its parent, which could affect the Mexican subsidiary by demanding larger dividends; and Strong competition in the Mexican system. Standard & Poor's Ratings Services' ratings on Banco Santander S.A. (Mexico) (Santander) are based on its stand-alone creditworthiness, which reflects its active business profile and financial performance, with sustained good capitalization and asset quality. However, still-volatile profitability and particularly tough operating and competitive conditions in the Mexican banking industry limit the ratings. We consider Santander as having strategic importance to its parent, Banco...
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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