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S&P Credit Research387 word report
published Oct 14, 2008
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S&P Credit Research
| Abstract: | MADRID (Standard&Poor's) Oct. 14, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on Spain-based Banco Santander S.A. (AA/Stable/A-1+) remain unchanged following the agreement reached for the bank's acquisition of 75.65% of U.S.-based Sovereign Bancorp (BBB/Stable/--) for approximately $1.9 billion. This acquisition will give Santander a good footprint in a few eastern states in the U.S. Its size and impact on capital will be relatively small for Santander. Santander already has a 24.35% stake in Sovereign, which it acquired in 2006. This limits execution risk as Santander already has good knowledge of the U.S. bank.
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Spain-Based Banco Santander Ratings And Outlook Unchanged On Acquisition Of Sovereign Bancorp Publication date: 14-Oct-2008 Primary Credit Analyst: Jesus Martinez, Madrid (34) 91-389-6941; jesus_martinez@standardan...
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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: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Corporations, Financial Institutions, Global Issuers, Public Finance, Residential MBS, 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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