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S&P Credit Research1310 word report
published Nov 06, 2009
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S&P Credit Research
| Abstract: | The ratings on 100% Portuguese state-owned bank Caixa Geral de Depósitos S.A. (CGD) reflect Standard&Poor's Ratings Services opinion that there is a "very high" likelihood that the Republic of Portugal (A+/Stable/A-1) would provide timely and sufficient extraordinary support to CGD in the event of financial distress. Consequently, the long-term rating on CGD incorporates a one-notch uplift from the bank's stand-alone credit profile (SACP). The SACP is supported by our opinion of the bank's leading position in the concentrated Portuguese retail-banking market, moderate credit risk, and strong retail funding base. Conversely, what we see as high market risk and excessive single-name concentration weigh negatively on CGD's SACP, as do recent profitability pressures. In accordance with our criteria for government-related
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Caixa Geral de Depositos S.A. Publication date: 06-Nov-2009 Primary Credit Analyst: Alicia Fernandez, Madrid (34) 91-788-7205; alicia_fernandez@standardandpoors.com Secondary Credit Analyst: Elena...
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| Report Type: | Summary
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| Ticker: | 1069Z@PL
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| Issuer: | Caixa Geral de Depositos S.A.
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| GICS: | Regional Banks (40101015)
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| Sector: | Global Issuers, Structured Finance
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| Country: | Portugal
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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.
Also from S&P Credit Research
- Caixa Geral de Depositos S.A. $400.00
Very high likelihood of support from the Portuguese state. Leading market position in Portuguese retail banking. Large share of low-risk residential mortgages. Strong retail funding base. Significant market risk, concentrated in a few names. ...
- Summary: Caixa Geral de Depositos S.A. $175.00
The ratings on 100% Portuguese state-owned bank Caixa Geral de Depósitos S.A. (CGD) reflect Standard&Poor's Ratings Services' opinion that there is a "very high" likelihood that the Republic of Portugal (A+/Stable/A-1) would provide timely ...
- Ratings On Two Portuguese Banks, Caixa Geral de Depositos And Santander Totta, Lowered After Same Action On Sovereign $100.00
MILAN (Standard&Poor's) Jan. 21, 2009--Standard&Poor's Ratings Services said today that, following its downgrade of the Republic of Portugal, it lowered its long- and short-term counterparty credit ratings on Portuguese bank Caixa Geral de ...
- Research Update: Caixa Geral de Depositos S.A. Ratings Lowered To 'A+/A-1' On Sovereign Downgrade; Outlook Stable $175.00
On Jan. 21, 2009, Standard&Poor's Ratings Services lowered its long- and short-term counterparty credit ratings on Portuguese bank Caixa Geral de Depositos S.A. (CGD) to 'A+/A-1' from 'AA-/A-1+'. At the same time, Standard&Poor's removed the ...
- Two Portuguese Banks, Caixa Geral de Depositos And Santander Totta, Put On Watch Neg After Same Action On Sovereign $100.00
MILAN (Standard&Poor's) Jan. 13, 2009--Standard&Poor's Ratings Services said today that it has placed its 'AA-/A-1+' long- and short-term counterparty credit ratings on Caixa Geral de Depositos S.A. (CGD) and its 'AA/A-1+' counterparty credit ...
- Research Update: Caixa Geral de Depositos 'AA-/A-1+' Ratings Put On CreditWatch Negative After Same Action On Portgual $175.00
On Jan. 13, 2009, Standard&Poor's Ratings Services placed its 'AA-/A-1+' long- and short-term counterparty credit ratings on Portuguese bank Caixa Geral de Depositos S.A. (CGD) on CreditWatch with negative implications. The CreditWatch placement ...
- Caixa Geral de Depositos S.A. $400.00
Implicit financial support from the Portuguese state Leading market position in Portuguese retail banking Large share of low-risk residential mortgages Strong retail funding base Sound operating performance Tight capital position Equity risk ...
- Summary: Caixa Geral de Depositos S.A. $175.00
The ratings on Caixa Geral de Depósitos S.A. (CGD) benefit from the commitment and demonstrated support of the bank's 100% owner, the Republic of Portugal (AA-/Stable/A-1+), which results in Standard&Poor's Ratings Services giving a two-notch ...
