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Millenniumbcp-Ageas Grupo Segurador Jan 11 Product Image

Millenniumbcp-Ageas Grupo Segurador Jan 11

  • ID: 2038827
  • January 2011
  • Standard & Poors

FEATURED COMPANIES

  • Ageas S.A./N.V.
  • Banco Espirito Santo S.A.
  • MORE

Abstract
Strong competitive position in the Portuguese market. Strong, albeit constrained, earnings. Strategic importance to Ageas group. Heightened credit risk owing to investment concentration on partnering bank distributor and deteriorating sovereign credit quality. Concentration on a single market and distribution network. The ratings on the operating companies of Portugal-based Millenniumbcp-Ageas Grupo Segurador (MAGS) reflect Standard & Poor's Ratings Services' view of their strong competitive position in the Portuguese market, strong (albeit constrained) earnings, and strategic importance to Benelux-based Ageas group (core operating entities insurer financial strength rating A-/Stable). Partially offsetting these credit strengths are high counterparty credit exposure to MAGS' partnering bank distributor, and concentration on a small market and a single distribution network. MAGS' rated operating companies are: Ocidental Companhia...

Companies mentioned in this report are:
- Ocidental Companhia Portuguesa de Seguros de Vida S.A.
- Banco Espirito Santo S.A.
- Banco Comercial Portugues S.A.
- Ageas S.A./N.V.
- Ocidental Companhia Portuguesa de Seguros READ MORE >

- Ocidental Companhia Portuguesa de Seguros de Vida S.A.
- Banco Espirito Santo S.A.
- Banco Comercial Portugues S.A.
- Ageas S.A./N.V.
- Ocidental Companhia Portuguesa de Seguros S.A.
- Medis Companhia Portuguesa de Seguros de Saude, S.A.

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