MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it
assigned 'AA' long-term and 'A-1+' short-term counterparty credit ratings (CCR)
to Portugal-based Banco Santander Totta S.A. with a stable outlook, on its core
position within Spain's largest banking group, Banco Santander S.A., focused
management and strategy, sound financial profile and attractive position in the
Portuguese retail banking sector.
But Santander Totta's high risk concentration in its largest borrowers and
significant reliance on wholesale borrowings counterbalance the positive
factors, the ratings agency said.
S&P said it expects Santander Totta to maintain relatively stable commercial
and financial profiles.
"We expect the bank to be resilient in the face of current capital market
conditions and strengthened earnings generation to support sound core solvency,
despite stronger organic growth," S&P said.
TFN.newsdesk@thomson.com
ami/alo
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|