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Banco Espirito Santo S.A. Apr 04
Standard & Poors, April 2004
Abstract
In the original version of this full analysis, the first sentence of the fourth paragraph in the Capital section was misstated. A corrected version follows. Good position and strong competitive edge in Portuguese retail banking; Healthy core profitability, partially driven by excellent efficiency; Improved, more balanced funding profile; and Resilient asset quality. Modest (albeit improving) core solvency levels by European standards; Market risk arising from long-term equity holdings and higher proportion of market-related income than peers; and Standard & Poor's assessment of the comparatively high economic and industry risks of the Portuguese financial system. Banco Espirito Santo, S.A. (BES) enjoys a strong position as the third-largest bank in the highly competitive and concentrated Portuguese banking market, as a result of...
Companies mentioned in this report are: Banco Espirito Santo 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.
Research Type: Full Analysis
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