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Alpha Bank A.E. Oct 11
Standard & Poors, Oct 2011
Abstract
Sound domestic position. Benefits from access to extraordinary liquidity sources. High exposure to Greece's deteriorated creditworthiness. Rising funding imbalances. Higher credit risk profile than Western European peers'. Weakening profitability and asset quality. The ratings on Greece-based Alpha Bank A.E. primarily reflect Standard & Poor's Ratings Services' view of the risk posed by its direct and indirect exposure to Greece's deteriorated creditworthiness (Hellenic Republic; CC/Negative/C), the rising imbalances on its funding profile, a higher credit risk profile than Western European peers', and weakening profitability and asset quality in the context of a sharp and prolonged economic downturn. Supporting factors include Alpha's sound domestic position and the benefits derived from being a bank in a regulated and supervised environment, with access to...
Companies mentioned in this report are: Alpha Bank A.E.,Hellenic Republic
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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