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Banco Citibank S.A. Aug 09
Standard & Poors, Aug 2009
Abstract
Strategic importance to parent Citigroup Inc. Track record of profitable operations in Brazil Highly valued franchise and reputation in Brazil Strong liquidity and adequate funding profile Adequate capitalization Increased credit risk from theretail portfolio's rapid deterioration Falling profitability Our ratings on Banco Citibank S.A. (Citibank) incorporate the bank's long track record of profitable operations in Brazil; the value of its franchise and reputation in the domestic market; its strong liquidity, and adequate funding and capitalization; and its status as a strategically important subsidiary to Citigroup Inc. (Citi), its parent company. On the other hand, we see the increased credit risk that deterioration in its retail portfolio has brought it and falling profitability as the predominant rating weaknesses. Our ratings on...
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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