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Banca del Gottardo Dec 04
Standard & Poors, Dec 2004
Abstract
Sound franchise overall, underpinned by a leading position in its home market; Improved asset quality, and satisfactory capitalization; and Strengthening of strategic direction on core private banking activity, which should contribute to improved earnings stability. Core revenues, although improved, remain under market-induced pressure. The ratings on Banca del Gottardo (Gottardo) reflect the bank's solid franchise, improving asset quality, and satisfactory capitalization. The ratings also reflect the gradual improvement in the bank's earnings performance, as the corporate restructuring and reorganization undertaken in 2002 has contributed to a recovery in profitability. While the Swiss Life group's (Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG; A-/Negative/--) decision in March 2004 to retain ownership of Gottardo eliminated previous uncertainties with regard to the bank's future ownership...
Companies mentioned in this report are: Banca del Gottardo,La Suisse, Societe d'Assurances Contre les Accidents S.A.,Swiss Life AG,Soc. Suisse d'Ass. generales sur la Vie Humaine (Swiss Life French Branch),Swiss Life AG, Niederlassung fuer Deutschland,La Suisse, Societe d'Assurances sur la Vie,Swiss Life Holding
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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