S&P affirms Banco Santander

Standard & Poor's said it affirmed its BB-/B foreign currency and BB/B local currency counterparty credit ratings on Banco Santander Brasil SA, Banco Santander Meridional SA and Banco do Estado de Sao Paulo SA (Banespa). The outlook is stable.

S&P said the ratings on the three entities of Santander Banespa incorporate the uncertainties of operating in Brazil and exposure to the economic risk of the financial system, their still weaker operating efficiency than that of Latin American peers and some local competitors and the relatively smaller share of the retail segment as compared to the other major retail banks.

These negative factors are compensated by the Santander Banespa group's strong position in the Brazilian market, as well as by the benefits of belonging to its parent bank group, Spain's Banco Santander Central Hispano SA (A+/stable/A-1), according to S&P.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.