How Do The Recent Downgrades Of Spain's Banco Santander And Banco Bilbao Vizcaya Argentaria Affect Their Latin American Subsidiaries? May 12
Standard & Poors, May 2012
Abstract
Standard & Poor's Ratings Services doesn't believe the downgrades of European banks affect the ratings on their Latin American subsidiaries (please see "How Heavily Are Europe's Financial Woes Weighing On Latin American Bank Subsidiaries-," published April 9, 2012). However, the impact of the April 30 two-notch downgrade of Banco Bilbao Vizcaya Argentaria S.A. and Banco Santander S.A. (see "Negative Rating Actions On 16 Spanish Banks Following Sovereign Downgrade") on their Brazilian, Chilean, and Mexican subsidiaries could be negative if their support of their parents leads to weaker stand-alone credit profiles (SACPs). As the likelihood of parent support to their subsidiaries decreases due to the downgrades, the one of government support rises, if needed. This is because, in our view, these...
Companies mentioned in this report are:
- Banco Santander S.A.
- BBVA Bancomer S.A.
- Banco Santander-Chile S.A.
- Banco Bilbao Vizcaya Argentaria S.A.
- Banco Santander (Brasil) S.A.
- Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo Financiero Santander
- Banco Bilbao Vizcaya Argentaria Chile y Filiales
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Banco Santander S.A.
- BBVA Bancomer S.A.
- Banco Santander-Chile S.A.
- Banco Bilbao Vizcaya Argentaria S.A.
- Banco Santander (Brasil) S.A.
- Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo Financiero Santander
- Banco Bilbao Vizcaya Argentaria Chile y Filiales
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