Issuer Credit Profiles For The Top 100 Banks Globally |
| Publication date: 20-Apr-2012 09:59:37 GMT |
Standard & Poor's Ratings Services provides issuer credit profiles for the top 100 banks we rate globally, ranked by size of Tier 1 capital (source: The Banker, July 2011). The ratings and outlooks are those of the main operating company or companies within the groups.
Standard & Poor's published its updated analytical criteria for determining credit ratings on banks on Nov. 9, 2011 (see "Banks: Rating Methodology And Assumptions," on RatingsDirect on the Global Credit Portal). The bank criteria revision had two fundamental goals: to enhance the transparency and consistency of our ratings criteria framework globally, and to ensure that our rating opinions reflect our view of recent events and lessons relating to risk factors in the financial sector. (Watch the related CreditMatters TV segment titled, "How Standard & Poor's New Bank Rating Methodology Factors Into Its Issuer Credit Ratings," dated April 17, 2012.)
The criteria framework clarifies the elements of an issuer's credit profile, as well as how these elements contribute to the rating on an issuer. Standard & Poor's achieves these aims using three basic rating components:
- Macro-level analysis of the economic and industry factors of each country in which a given bank operates, including regulatory factors. The results of these analyses contribute to a Banking Industry Country Risk Assessment (BICRA) score or "anchor" for banks operating in each country;
- Bank-specific analysis focused on assessing factors related to a particular institution's credit profile and financial performance, including its business position, capital and earnings, risk position, and funding and liquidity. These factors, combined with the anchor, determine the related bank's stand-alone credit profile (SACP); and
- Analysis of the potential for extraordinary support from either a parent company or a sovereign (beyond ongoing support) and of additional factor adjustments. The support would reduce the related bank's stand-alone default risk and result in an issuer credit rating above the SACP (otherwise, the type of support is listed as none in the table below). Additional factor adjustments may result in setting the issuer credit rating one notch higher or lower in some cases or reflecting the foreign currency rating on the sovereign where the bank is domiciled.
| View Expanded Table
| Top 100 Banks | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Country | Institution | Operating company long-term ICR/outlook | Anchor | Business Position | Capital & Earnings | Risk Position | Funding & Liquidity | SACP | Type of support | No. of notches of support | Additional factor adjustments | |||||||||||||
| Australia |
Australia and New Zealand Banking Group Ltd. |
AA-/Stable | a- | Strong | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 2 | 0 | |||||||||||||
| Australia |
Commonwealth Bank of Australia |
AA-/Stable | a- | Strong | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 2 | 0 | |||||||||||||
| Australia |
National Australia Bank Ltd. |
AA-/Stable | a- | Strong | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 2 | 0 | |||||||||||||
| Australia |
Westpac Banking Corp. |
AA-/Stable | a- | Strong | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 2 | 0 | |||||||||||||
| Austria |
Erste Group Bank AG |
A/Neg | bbb+ | Strong | Moderate | Adequate | Abv Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| Austria | Raiffeisen Zentralbank Oesterreich | A/Neg | bbb+ | Strong | Moderate | Adequate | Abv Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| Belgium |
Dexia Bank S.A. |
A-/Watch Neg | a- | Adequate | Adequate | Weak | Avg/Weak | bb+ | Sys. imp. & STES | 4 | 0 | |||||||||||||
| Belgium |
KBC Bank N.V. |
A-/Stable | bbb+ | Strong | Moderate | Adequate | Avg/Adeq | bbb+ | Sys. imp. | 1 | 0 | |||||||||||||
| Brazil |
Banco Bradesco S.A. |
BBB/Stable | bbb | Very strong | Moderate | Adequate | Avg/Adeq | bbb+ | None | 0 | -1 | |||||||||||||
| Brazil |
Banco do Brasil S.A. |
BBB/Stable | bbb | Strong | Adequate | Adequate | Abv Avg/Adeq | bbb+ | GRE | 1 | -2 | |||||||||||||
| Brazil |
Itau Unibanco Holding S.A. |
BBB/Stable | bbb | Very strong | Moderate | Adequate | Avg/Adeq | bbb+ | None | 0 | -1 | |||||||||||||
| Canada |
Bank of Montreal |
A+/Stable | a | Adequate | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 1 | 0 | |||||||||||||
| Canada |
Bank of Nova Scotia |
AA-/Stable | a- | Strong | Adequate | Strong | Avg/Adeq | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| Canada |
Caisse centrale Desjardins |
AA-/Stable | a | Adequate | Strong | Strong | Avg/Adeq | aa- | None | 0 | 0 | |||||||||||||
| Canada |
Canadian Imperial Bank of Commerce |
A+/Stable | a | Adequate | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 1 | 0 | |||||||||||||
| Canada |
Royal Bank of Canada |
AA-/Stable | a | Strong | Moderate | Strong | Avg/Adeq | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| Canada |
Toronto-Dominion Bank |
AA-/Stable | a | Strong | Adequate | Adequate | Abv Avg/Adeq | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| China |
Bank of China Ltd. |
A/Stable | bbb- | Strong | Moderate | Moderate | Abv Avg/Strong | bbb- | GRE | 4 | 0 | |||||||||||||
| China |
Bank of Communications Co. Ltd. |
A-/Stable | bbb- | Strong | Moderate | Adequate | Abv Avg/Adeq | bbb- | GRE | 3 | 0 | |||||||||||||
| China |
China Construction Bank Corp. |
A/Stable | bbb- | Strong | Moderate | Moderate | Abv.Avg/Strong | bbb- | GRE | 4 | 0 | |||||||||||||
| China |
China Merchants Bank Co. Ltd. |
BBB+/Stable | bbb- | Strong | Moderate | Strong | Abv Avg/Adeq | bbb | Sys. imp. | 1 | 0 | |||||||||||||
| China |
Industrial and Commercial Bank of China Ltd. |
A/Stable | bbb- | Strong | Moderate | Adequate | Abv Avg/Strong | bbb | GRE | 3 | 0 | |||||||||||||
| Denmark |
Danske Bank A/S |
A/Neg | bbb+ | Strong | Moderate | Adequate | Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| Denmark |
Nykredit Realkredit A/S |
A+/Stable | bbb+ | Adequate | Adequate | Strong | Avg/Adeq | a- | Sys. imp. | 2 | 0 | |||||||||||||
| France |
BNP Paribas |
AA-/Neg | a- | Very strong | Moderate | Strong | Avg/Adeq | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| France |
BPCE |
A/Stable | a- | Strong | Moderate | Adequate | Avg/Adeq | a- | Sys. imp. | 1 | 0 | |||||||||||||
| France |
Caisse Centrale du Credit Mutuel |
A+/Stable | a- | Strong | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 1 | 0 | |||||||||||||
| France |
Credit Agricole S.A. |
A/Stable | a- | Strong | Moderate | Adequate | Avg/Adeq | a- | Sys. imp. | 1 | 0 | |||||||||||||
| France |
Societe Generale |
A/Stable | a- | Strong | Moderate | Adequate | Avg/Adeq | a- | Sys. imp. | 1 | 0 | |||||||||||||
| Germany |
Commerzbank AG |
A/Neg | a- | Adequate | Adequate | Moderate | Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| Germany |
Cooperative Banking Sector Germany |
AA-/Stable | a- | Strong | Strong | Adequate | Abv Avg/Strong | aa- | None | 0 | 0 | |||||||||||||
| Germany |
Deutsche Bank AG |
A+/Neg | a- | Strong | Adequate | Moderate | Avg/Adeq | a- | Sys. imp. | 2 | 0 | |||||||||||||
| Germany |
Norddeutsche Landesbank Girozentrale* |
BBB+/Stable | a- | Moderate | Moderate | Moderate | Avg/Adeq | bbb- | Sys. imp. | 2 | 0 | |||||||||||||
| Greece |
National Bank of Greece S.A. |
CCC/Neg | b+ | Adequate | Weak | Weak | Avg/Very Weak | cc | STES | 2 | 0 | |||||||||||||
| India |
ICICI Bank Ltd. |
BBB-/Stable | bbb- | Strong | Adequate | Adequate | Avg/Adeq | bbb | None | 0 | -1 | |||||||||||||
| India |
State Bank of India |
BBB-/Stable | bbb- | Strong | Moderate | Adequate | Abv Avg/Strong | bbb | None | 0 | -1 | |||||||||||||
| Ireland |
Bank of Ireland |
BB+/Neg | bb+ | Strong | Weak | Adequate | Avg/Adeq | bb | Sys. imp. | 1 | 0 | |||||||||||||
| Italy |
Banca Monte dei Paschi di Siena SpA |
BBB/Neg | bbb | Strong | Moderate | Adequate | Avg/Adeq | bbb | None | 0 | 0 | |||||||||||||
| Italy |
Banco Popolare Societa Cooperativa SCRL |
BBB-/Neg | bbb | Adequate | Moderate | Moderate | Avg/Adeq | bb+ | Sys. imp. | 1 | 0 | |||||||||||||
| Italy |
Intesa Sanpaolo SpA |
BBB+/Neg | bbb | Strong | Adequate | Strong | Avg/Adeq | a- | None | 0 | -1 | |||||||||||||
| Italy |
UniCredit SpA |
BBB+/Neg | bbb+ | Strong | Adequate | Adequate | Avg/Adeq | a- | None | 0 | -1 | |||||||||||||
| Italy |
Unione di Banche Italiane Scpa |
BBB+/Neg | bbb | Strong | Moderate | Strong | Avg/ Adeq | bbb+ | None | 0 | 0 | |||||||||||||
| Japan |
Bank of Yokohama Ltd.* |
A/Stable | a- | Adequate | Strong | Adequate | Avg/Strong | a | None | 0 | 0 | |||||||||||||
| Japan |
Mitsubishi UFJ Financial Group Inc. |
A+/Stable | a- | Strong | Adequate | Adequate | Abv Avg/Strong | a+ | None | 0 | 0 | |||||||||||||
| Japan |
Mizuho Financial Group Inc. |
A+/Neg | a- | Strong | Moderate | Adequate | Abv Avg/Strong | a | Sys. imp. | 1 | 0 | |||||||||||||
| Japan |
Nomura Holdings Inc. |
A-/Stable | a- | Moderate | Adequate | Moderate | Avg/Adeq | bbb | Sys. imp. | 2 | 0 | |||||||||||||
| Japan |
Norinchukin Bank |
A+/Neg | a- | Adequate | Adequate | Adequate | Abv Avg/Strong | a | Sys. imp. | 1 | 0 | |||||||||||||
| Japan |
Resona Bank Ltd. |
A/Stable | a- | Adequate | Moderate | Adequate | Abv Avg/Strong | a- | Sys. imp. | 1 | 0 | |||||||||||||
| Japan |
Shinkin Central Bank |
A+/Neg | a- | Adequate | Strong | Adequate | Avg/Adeq | a | Sys. imp. | 1 | 0 | |||||||||||||
| Japan |
Sumitomo Mitsui Financial Group Inc. |
A+/Neg | a- | Strong | Moderate | Adequate | Abv Avg/Strong | a | Sys. imp. | 1 | 0 | |||||||||||||
| Japan |
Sumitomo Mitsui Trust Bank Ltd. |
A+/Neg | a- | Strong | Moderate | Strong | Avg/Strong | a | Sys. imp. | 1 | 0 | |||||||||||||
| Korea |
Hana Bank |
A/Stable | bbb+ | Strong | Moderate | Adequate | Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| Korea |
Industrial Bank of Korea |
A/Stable | bbb+ | Adequate | Adequate | Adequate | Below Avg/Adeq | bbb | GRE | 3 | 0 | |||||||||||||
| Korea |
Shinhan Bank |
A/Stable | bbb+ | Strong | Moderate | Adequate | Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| Korea |
Woori Bank |
A-/Stable | bbb+ | Strong | Moderate | Moderate | Avg/Adeq | bbb | Sys. imp. | 2 | 0 | |||||||||||||
| Malaysia |
Malayan Banking Bhd. |
A-/Stable | bbb | Strong | Adequate | Adequate | Abv Avg/Strong | a- | None | 0 | 0 | |||||||||||||
| Netherlands |
ABN AMRO Bank N.V. |
A+/Neg | a- | Adequate | Adequate | Adequate | Avg/Adeq | a- | Sys. imp. | 2 | 0 | |||||||||||||
| Netherlands |
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) |
AA/Neg | a- | Very strong | Adequate | Strong | Avg/Adeq | aa- | Sys. imp. | 1 | 0 | |||||||||||||
| Netherlands |
ING Bank N.V. |
A+/Stable | a- | Strong | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 1 | 0 | |||||||||||||
| Norway |
DNB Bank ASA |
A+/Stable | a- | Strong | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 1 | 0 | |||||||||||||
| Portugal |
Caixa Geral de Depositos S.A. |
BB-/Neg | bb | Adequate | Weak | Moderate | Avg/Adeq | b+ | GRE | 1 | 0 | |||||||||||||
| Russia |
JSC VTB Bank |
BBB/Stable | bb | Strong | Moderate | Moderate | Avg/Adeq | bb | GRE | 3 | 0 | |||||||||||||
| Singapore |
DBS Bank Ltd. |
AA-/Stable | bbb+ | Strong | Adequate | Adequate | Abv Avg/Strong | a | Sys. imp. | 2 | 0 | |||||||||||||
| Singapore |
Oversea-Chinese Banking Corp. Ltd. |
AA-/Stable | bbb+ | Strong | Adequate | Adequate | Abv Avg/Strong | a | Sys. imp. | 2 | 0 | |||||||||||||
| Singapore |
United Overseas Bank Ltd. |
AA-/Stable | bbb+ | Adequate | Adequate | Adequate | Abv Avg/Strong | a- | Sys. imp. | 3 | 0 | |||||||||||||
| South Africa |
Standard Bank of South Africa Ltd. (The)* |
BBB+/Neg | bbb | Strong | Moderate | Adequate | Avg/Adeq | bbb | Sys. imp. | 1 | 0 | |||||||||||||
| Spain |
Banco Bilbao Vizcaya Argentaria S.A. |
A/Neg | bbb- | Strong | Adequate | Very Strong | Abv Avg/Adeq | a- | None | 0 | 1 | |||||||||||||
| Spain |
Banco Popular Espanol S.A. |
BBB-/Watch Neg | bbb- | Adequate | Adequate | Moderate | Avg/Adeq | bb+ | Sys. imp. | 1 | 0 | |||||||||||||
| Spain |
Banco Santander S.A. |
A+/Neg | bbb | Very strong | Adequate | Strong | Abv Avg/Adeq | a | None | 0 | 1 | |||||||||||||
| Spain |
Bankia S.A. |
BBB-/Neg | bbb- | Adequate | Moderate | Adequate | Avg/Adeq | bb+ | Sys. imp. | 1 | 0 | |||||||||||||
| Spain |
CaixaBank S.A. |
BBB+/Stable | bbb- | Strong | Adequate | Strong | Avg/Adeq | bbb+ | None | 0 | 0 | |||||||||||||
| Sweden |
Nordea Bank AB |
AA-/Stable | a- | Strong | Adequate | Strong | Avg/Adeq | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| Sweden |
Skandinaviska Enskilda Banken AB (publ) |
A+/Stable | a- | Adequate | Adequate | Adequate | Avg/Adeq | a- | Sys. imp. | 2 | 0 | |||||||||||||
| Sweden |
Svenska Handelsbanken |
AA-/Stable | a- | Strong | Adequate | Strong | Avg/Adeq | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| Sweden |
Swedbank AB |
A+/Stable | a- | Adequate | Adequate | Adequate | Avg/Adeq | a- | Sys. imp. | 2 | 0 | |||||||||||||
| Switzerland |
Credit Suisse AG |
A+/Neg | a- | Strong | Adequate | Moderate | Avg/Adeq | a- | Sys. imp. | 2 | 0 | |||||||||||||
| Switzerland |
UBS AG |
A/Neg | a- | Adequate | Adequate | Moderate | Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| Turkey |
Turkiye Is Bankasi AS |
BB/Pos | bbb- | Adequate | Adequate | Adequate | Avg/Strong | bbb- | None | 0 | -2 | |||||||||||||
| U.K. |
Barclays Bank PLC |
A+/Stable | bbb+ | Strong | Adequate | Adequate | Avg/Adeq | a- | Sys. imp. | 2 | 0 | |||||||||||||
| U.K. |
HSBC Holdings PLC |
AA-/Stable | bbb+ | Very strong | Adequate | Strong | Abv Avg/Adeq | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| U.K. |
Lloyds TSB Bank PLC |
A/Stable | bbb+ | Strong | Moderate | Moderate | Avg/Adeq | bbb | Sys. imp. | 2 | 1 | |||||||||||||
| U.K. |
Nationwide Building Society |
A+/Stable | bbb+ | Adequate | Adequate | Strong | Avg/Adeq | a- | Sys. imp. | 2 | 0 | |||||||||||||
| U.K. |
Royal bank of Scotland PLC (The) |
A/Stable | bbb+ | Adequate | Adequate | Moderate | Avg/Adeq | bbb | Sys. imp. | 2 | 1 | |||||||||||||
| U.K. |
Standard Chartered Bank |
AA-/Stable | bbb+ | Strong | Adequate | Strong | Abv Avg/Strong | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| U.S. |
Bank of America Corp. |
A/Neg | bbb+ | Strong | Adequate | Moderate | Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| U.S. |
Bank of New York Mellon Corp. |
AA-/Neg | bbb+ | Very strong | Moderate | Strong | Avg/Adeq | a | Sys. imp. | 1 | 1 | |||||||||||||
| U.S. |
BB&T Corp. |
A/Stable | bbb+ | Strong | Adequate | Strong | Avg/Adeq | a | None | 0 | 0 | |||||||||||||
| U.S. |
Capital One Financial Corp. |
BBB+/Neg | bbb+ | Adequate | Adequate | Adequate | Avg/Adeq | bbb+ | None | 0 | 0 | |||||||||||||
| U.S. |
Citigroup Inc. |
A/Neg | bbb | Strong | Adequate | Moderate | Avg/Adeq | bbb | Sys. imp. | 2 | 1 | |||||||||||||
| U.S. |
Fifth Third Bancorp |
BBB+/Pos | bbb+ | Strong | Adequate | Moderate | Avg/Adeq | bbb+ | None | 0 | 0 | |||||||||||||
| U.S. |
Goldman Sachs Group Inc. (The) |
A/Neg | bbb+ | Strong | Adequate | Moderate | Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| U.S. |
JPMorgan Chase & Co. |
A+/Stable | bbb+ | Very strong | Adequate | Adequate | Avg/Adeq | a | Sys. imp. | 1 | 0 | |||||||||||||
| U.S. |
KeyCorp |
A-/Pos | bbb+ | Adequate | Strong | Adequate | Avg/Adeq | a- | None | 0 | 0 | |||||||||||||
| U.S. |
Morgan Stanley |
A/Neg | bbb+ | Strong | Adequate | Moderate | Avg/Adeq | bbb+ | Sys. imp. | 2 | 0 | |||||||||||||
| U.S. |
PNC Financial Services Group |
A/Stable | bbb+ | Strong | Adequate | Strong | Avg/Adeq | a | None | 0 | 0 | |||||||||||||
| U.S. |
Regions Financial Corp. |
BBB/Stable | bbb+ | Adequate | Adequate | Moderate | Avg/Adeq | bbb | None | 0 | 0 | |||||||||||||
| U.S. |
State Street Corp. |
AA-/Neg | bbb+ | Very strong | Adequate | Strong | Avg/Adeq | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| U.S. |
SunTrust Banks Inc. |
BBB+/Stable | bbb+ | Strong | Adequate | Moderate | Avg/Adeq | bbb+ | None | 0 | 0 | |||||||||||||
| U.S. |
U.S. Bancorp |
A+/Stable | bbb+ | Very strong | Adequate | Strong | Avg/Adeq | a+ | None | 0 | 0 | |||||||||||||
| U.S. |
Wells Fargo & Co. |
AA-/Neg | bbb+ | Very strong | Adequate | Strong | Avg/Adeq | a+ | Sys. imp. | 1 | 0 | |||||||||||||
| *These are unsolicited ratings. Unsolicited rating(s) were initiated by Standard & Poor's. It may be based solely on publicly available information and may or may not involve the participation of the issuer. Standard & Poor's has used information from sources believed to be reliable based on standards established in our Credit Ratings Information and Data Policy but does not guarantee the accuracy, adequacy, or completeness of any information used. Abv--Above. Avg--Average. Adeq--Adequate. GRE--Government-related entity. ICR--Issuer credit rating. N.R.--Not rated. SACP--Stand-alone credit profile. STES--Short-term extraordinary support. Sys. imp.--Systemically important. | ||||||||||||||||||||||||
Related Criteria And Research
- Banks: Rating Methodology And Assumptions, Nov. 9, 2011
- What's Behind Our Ratings On The Top 37 Banks Following The Application Of Our New Criteria, Dec. 2, 2011
| Primary Credit Analyst: | Arnaud DeToytot, Paris (33) 1-4420-6692; arnaud_detoytot@standardandpoors.com |
| Secondary Contact: | Ryan Tsang, CFA, Hong Kong (852) 2533-3532; ryan_tsang@standardandpoors.com |
| Additional Contact: | Financial Institutions Ratings Europe; FIG_Europe@standardandpoors.com |
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