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Summary: BES Investimento do Brasil Jul 11
Standard & Poors, July 2011
Abstract
Standard & Poor's Ratings Services' ratings on BES Investimento do Brasil (BESI Brasil) incorporate its status as a strategically important subsidiary of Portugal-based Banco Esp-rito Santo de Investimento S.A. (BESI; BBB-/Negative/A-3), itself a subsidiary of Banco Esp-rito Santo S.A. (BES; BBB-/Negative/A-3). We currently have BESI Brasil listed on CreditWatch with negative implications, which reflects our concerns as we reassess the importance and role of the Brazilian subsidiary in the parent company's strategy, as it faces stressful market conditions in Portugal. BESI Brasil's rating also reflects the bank's small size and the challenges it faces in operating in its highly competitive market segments, including capital markets and asset and wealth management. It also takes into consideration the bank's volatile profit generation,...
Companies mentioned in this report are: BES Investimento do Brasil,Banco Espirito Santo S.A.,Banco Espirito Santo de Investimento S.A.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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