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S&P Credit Research683 word report
published Jan 19, 2009
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S&P Credit Research
| Abstract: | MADRID (Standard&Poor's) Jan. 19, 2009--Standard&Poor's Ratings Services said today that its ratings and outlooks on Spanish financial institutions (see list below) already factor in the increasingly challenging economic environment taken into account in its downgrade today of the Kingdom of Spain to AA+/Stable/A-1+ upon resolution of the negative CreditWatch listing. We reviewed our ratings and/or outlooks on most Spanish banks in 2008, to factor in our expectation that the real estate sector's abrupt adjustment and its spill-over impact to the rest of the economy would weaken the financial profiles of a number of the country's financial institutions. We expect Spanish banks' asset quality to continue weakening significantly in the next two years across all lending portfolios.
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: S&P Comments On Its Ratings On Spanish Banks After The Downgrade Of The Kingdom of Spain Publication date: 19-Jan-2009 Primary Credit Analyst: Jesus Martinez, Madrid (34) 91-389-6941; jesus_martinez@standardandpoor...
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| Report Type: | Bulletin
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| Ticker: | SAN@SM
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| Issuer: | Banco Santander S.A.
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| GICS: | Diversified Banks (40101010)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | Spain
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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