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Banco Espirito Santo S.A. Nov 02
Standard & Poors, Nov 2002
Abstract
The ratings on Banco Espirito Santo, S.A. (BES) are underpinned by the bank's strong position in the Portuguese banking sector, innovative commercial approach, sophisticated management information systems, and sound core profitability. They also take into account, however, BES' core solvency levels, which remain modest by European standards, and the impact that BES' strong organic growth in the past few years may have on its asset quality in the context of a less favorable economic environment. BES enjoys a strong position as the third-largest bank in the highly competitive and concentrated Portuguese banking market, as a result of a successful organic-growth strategy since its privatization in 1991. Throughout the expansion process, BES has leveraged its strong competitive advantages to maintain its...
Companies mentioned in this report are: Banco Espirito Santo S.A.,Companhia de Seguros Tranquilidade S.A.,Espirito Santo Financial Group 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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