Spanish retail banks
Capital stable in 09, question marks beyond that - NPL
sensitivity still substantial - UW ratings maintained
Banks
Ignacio CerezoAC
(44-20) 7325-4425
ignacio.cerezo@jpmorgan.com
Andrea Unzueta
(44-20) 7325-7454
andrea.e.unzueta@jpmorgan.com
J.P. Morgan Securities Ltd.
For Specialist Sales advice, please
contact:
Oliver Doeltl
(44-20) 7779-2187
oliver.doeltl@jpmorgan.com
Nick Gough
(44-20) 7325-9459
nick.c.gough@jpmorgan.com
Justine Shih
(44-20) 7779 2149
justine.shih@jpmorgan.com
Summary Ratings and Estimates
Company Price Rating Price Target PT End Date Metric Current FYE Next FYE
Banesto (