Portuguese banking industry low risk due to modernization - S&P |
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Thu, 24 May 2007 12:09
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LONDON (Thomson Financial) - Standard & Poor's said it considers the Portuguese banking industry to be low risk, benefiting from improvements over the past few years due to modernisation.The rating agency ranks the Portuguese banking industry in group 3 according to its global Banking Industry Country Risk Assessment framework (BICRA; Out of 10, 1 is the strongest).'As a result of industry modernization, the country's main banking groups have become more efficient and profitable, and have demonstrated sound performances and featured financial profiles that have been resilient to changes in the operating and economic environment,' said S&P credit analyst Renato Panichi.In a report, S&P said the risk level of this sector is in line with the Eurozone average.However, S&P's credit analyst Angela Cruz pointed out, 'The main constraining factor is economic risk that is higher than the Eurozone average than in peer countries such as Belgium or Norway.'TFN.newsdesk@thomson.comrsh/jroCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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