Moving Banco Popular to Extreme Rating
We are moving Banco Popular to an extreme uncertainty rating following the resignation of its CEO, discovery of additional accounting errors which led to insufficient provisioning levels, and the growing risk of a very dilutive capital raise. We think it is possible that the bank will need to sell assets in order to meet a potential capital shortfall, given a significant capital raise will be larger than its current market capitalization. We believe this situation creates an extremely wide range...
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