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Banco Espirito Santo and Espirito Santo Financial Group Ratings Cut; Outlook on Latter to Neg Oct 01
Standard & Poors, Oct 2001
Abstract
PARIS (Standard & Poor's) Oct. 24, 2001--In view of the trends in the risk profiles of Portuguese bank Banco Espirito Santo S.A. (BES) and its controlling Luxembourg-based holding company, Espirito Santo Financial Group S.A. (ESFG), Standard & Poor's today took the following rating actions: -- Lowered all its ratings on BES and related entities, including the long- and short-term counterparty credit ratings on BES to single-'A'-minus and 'A-2' from single-'A' and 'A-1', respectively. The outlook on BES is stable. -- Lowered by one notch its long-term ratings on ESFG and related entity ESFG Overseas Ltd., including the long-term counterparty credit rating on ESFG to triple-'B'-plus from single-'A'-minus. The outlook is now negative. The 'A-2' short-term ratings on ESFG were affirmed....
Companies mentioned in this report are: Banco Espirito Santo S.A.,Banco Espirito Santo North America Capital Corp.,BES Finance Ltd.,Espirito Santo Financial Group S.A.,Espirito Santo PLC,Banque Espirito Santo et de la Venetie
Action: Various Rating Actions
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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