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Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)
Standard & Poors, March 2004
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Dominant position in its traditional markets; Low-risk business profile, which underpins sound asset quality; and Sound financial profile, characterized by solid solvency, healthy funding profile and sound profitability. Meaningful exposure to equities, which increases market risk; Higher unhedged exposure to interest rates declines than peers, which has contributed to a decline in profitability in the past; and Lower geographical and business diversification compared with that of large domestic universal competitors. Caja de Ahorros y Monte de Piedad de Zaragoza, Arag-n y Rioja (iberCaja) enjoys a solid position in its traditional markets of Arag-n, La Rioja, and Guadalajara. Despite an expansion strategy, the bank's overall market position in the Spanish banking market is, however, significantly smaller than that of leading nationwide...
Companies mentioned in this report are: Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA),Ibercaja Finance Ltd.,Ibercaja Capital Ltd.
Action: Review
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