Espirito Santo Financial Group S.A. Nov 01
- ID: 2038801
- November 2001
- Standard & Poors
The ratings on Espirito Santo Financial Group S.A. (ESFG) are underpinned by the holding company's moderate leverage and by the solid franchises in Portuguese financial services of the group's two main operating entities, Banco Espirito Santo S.A. (BES, A-/Stable/A-2) and Companhia de Seguros Tranquilidade S.A. (Tranquilidade). ESFG's creditworthiness also benefits from the ability to draw resources from BES, although the bank's contribution to the group's profitability is limited by a substantial proportion of minority shareholdings in the bank's ownership structure. The group's creditworthiness is weakened by Tranquilidade, whose weight in the group has grown in 2001. ESFG is incorporated in Luxembourg, although it is supervised on a consolidated basis by Bank of Portugal (Portuguese central bank and BES' main supervisor)....
Companies mentioned in this report are:
- Espirito Santo Financial Group S.A.
- Banco Espirito Santo S.A.
- BES Finance Ltd.
- Companhia de Seguros Tranquilidade S.A.
- Banque Espirito Santo et de la Venetie
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