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Banco Citibank S.A. Jan 09
Standard & Poors, Jan 2009
Abstract
Strategically important subsidiary of Citigroup Inc. Long track record operating in Brazil Strong liquidity Challenge to improve the bank's efficiency Higher credit risk from increasing exposure to retail Standard & Poor's Ratings Services' ratings on Banco Citibank S.A. reflect a combination of the bank's own credit profile and the expected support from its shareholder, Citigroup Inc. (Citi; A/Stable/A-1) , given the subsidiary's strategic importance to the parent's global banking franchise. The long track record of Banco Citibank in wholesale lending in Brazil and its strong liquidity mitigate the bank's limited business profile. The bank still must grow its retail banking in a much more challenging operating environment, and its retail operation has intrinsically higher risk. The current ratings on Citi...
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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