CHICAGO, May 10 /PRNewswire/ -- Duff and Phelps Credit Rating Co. (DCR)
has placed Banca Serfin's (Serfin) 'BB' (Double-B) long-term local and foreign
currency ratings on Rating Watch--Up.
This action follows the announcement made on May 8, 2000 declaring Banco
Santander Central Hispano (BSCH) of Spain winner of the auction for Grupo
Financiero Serfin (GFS), Serfin's holding company. GFS had been taken over by
the IPAB (Instituto de Proteccion al Ahorro) in mid-1999. Since IPAB's
arrival, Serfin has been subjected to a far-reaching clean-up process that
translated into deep asset value adjustments and a consequent need for new
capital, a need that was fulfilled by the IPAB.
DCR believes Serfin will strongly benefit from BSCH's financial
wherewithal, management expertise and commitment to the Latin American region.
As of December 31, 1999, Serfin reported total assets of Ps180.6 billion
(US$18.9 billion) and an equity base of Ps9.3 billion (US$972 million).
For additional research on Banca Serfin, visit DCR's Web site at
http://www.dcrco.com (Quick Search: Banca Serfin). DCR's research is also
available on Bloomberg at DCR, FirstCall's BondCall Direct/Research Direct
at http://www.firstcall.com and Multex at http://www.multex.com, as well as
through other third-party providers.
SOURCE Duff & Phelps Credit Rating Co.
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Related links:
http://www.dcrco.com
http://www.firstcall.com http://www.multex.com
CONTACT:
Fabian Ramos, 312-368-3178, ramos@dcrco.com,
or Alissa Ide, 312-606-2311, ide@dcrco.com, both of Duff & Phelps
Credit Rating Co.
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