The Spanish Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Published: November 2011
- Region: Spain
Well-diversified geographic and business profile. Solid positions in core markets. Strong management capabilities and clear strategic focus. Sound, resilient operating profitability. Higher credit risk arising from Latin American and Spanish exposures. Only adequate risk-adjusted capital position. Proven appetite for acquisitions. The ratings on Spain-based Banco Santander S.A. (Santander) are supported by Standard & Poor's Ratings Services' view of its strong business profile--in particular its wide and sensible geographic diversification; solid market share in core markets; successful and well-executed strategy; and strong, resilient operating profitability. Offsetting these positive factors is the inherently higher credit risk embedded in Santander's Latin American exposures and in its domestic exposures, particularly to the distressed real estate sector. In addition, the ratings also factor in our...
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.
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- Banco Santander S.A.
- Spain (Kingdom of)
- Banco Santander Puerto Rico
- Santander UK PLC
- Banco Espanol de Credito S.A.
- Santander Holdings U.S.A Inc.
- Santander Central Hispano Issuances Ltd.
- Sovereign Capital Trust I
- Banco Santander-Chile S.A.
- European Central Bank (Unsolicited Ratings)
- Sovereign Bank, N.A.
- Sovereign Capital Trust II
- Abbey National Capital Trust I
- Sovereign Real Estate Investment Trust
- Santander BanCorp.
- Banco Santander (Brasil) S.A.
- Sovereign Capital Trust IV
- Santander Consumer Finance S.A.
- Santander Issuances S.A. Unipersonal
- Banco Santander Totta S.A.
- Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo Financiero Santander
- Sovereign Capital Trust V
- Santander PR Capital Trust I