Risk-to-Price Commentary: Fortis Bank S.A./N.V. May 12
Standard & Poors, May 2012
Abstract
The European sovereign debt crisis has been weighing on investment sentiment for more than a year, and political and economical issues in southern Europe continue to affect the region's financials sector. On May 15, Greece's central bank governor Georgios A. Provopoulos said Greek citizens had withdrawn as much as €700 million since the May 6 election from the country's banks. On May 16, Spanish newspaper El Mundo reported that clients had withdrawn more than €1 billion from Bankia in the days following the government's announcement that it would bail out struggling banks. Overall, the European financials sector has underperformed the S&P Europe 350 Index by 16% over the past year (see chart 1). Analysts have lowered their earnings expectations for...
Companies mentioned in this report are:
- Credit Agricole S.A.
- HSBC Bank PLC
- BNP Paribas
- HSBC France
- BNP Paribas Fortis SA/NV
- HFC Bank Ltd.
- Britannia Building Society
- Banco Espirito Santo S.A.
- HSBC Holdings PLC
- Banco BPI S.A.
- Banca Carige SpA
- Cofinimmo Luxembourg S.A.
- BPE Financiaciones S.A.
- Banco Santander Totta S.A.
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.
- Credit Agricole S.A.
- HSBC Bank PLC
- BNP Paribas
- HSBC France
- BNP Paribas Fortis SA/NV
- HFC Bank Ltd.
- Britannia Building Society
- Banco Espirito Santo S.A.
- HSBC Holdings PLC
- Banco BPI S.A.
- Banca Carige SpA
- Cofinimmo Luxembourg S.A.
- BPE Financiaciones S.A.
- Banco Santander Totta S.A.
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