Full ownership by and integration within Banco Espirito Santo S.A., Strong position in investment banking in Portugal, Sound stand-alone capitalization, and Adequate asset quality. A predominantly market-related revenue base, which introduces volatility risk into returns; Meaningful credit exposure (relative to core capital) to inherently riskier Brazilian debtors; and High level of risk concentration (relative to core capital) in the largest borrowers. The ratings on Portugal-based Banco Espirito Santo de Investimento, S.A. (BESI) are underpinned by full ownership by and integration within Banco Espirito Santo S.A. (BES; A-/Stable/A-2). They also benefit from BESI's strong position in investment banking in Portugal, sound stand-alone capitalization, and adequate asset quality. Counterbalancing these factors are BESI's predominantly market-related revenue base, which introduces volatility risk into
