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Bank Handlowy w Warszawie S.A. Oct 08
Standard & Poors, Oct 2008
Abstract
Support from strategic shareholder Strong capitalization Satisfactory funding and liquidity profile compared with peers Weak asset quality Increased competition leading to erosion of market share Low operating efficiency compared to peers albeit improving The public information ('pi'; unsolicited) rating on Poland-based Bank Handlowy w Warszawie S.A. (Handlowy) benefits from support by Citigroup Inc. (AA-/Watch Neg/A-1+), strong capitalization, and good funding and liquidity profile. The ratings are constrained by weak asset quality, increased competition leading to erosion of market share, and low operating efficiency compared with peers. The final rating benefits from uplift over its stand-alone creditworthiness due to parental support. Handlowy is 75%-owned by Citibank Overseas Investment Corporation (COIC), a subsidiary of Citigroup. Standard & Poor's Ratings Services considers Handlowy...
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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