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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

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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