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Caja de Ahorros y Pensiones de Barcelona Jul 04
Standard & Poors, July 2004
Abstract
Low credit-risk profile, given 'la Caixa's' focus on residential mortgage lending, conservative risk-management practices, and strong provisioning coverage; Strong management and a consistent strategy, which have led to the savings bank's successful transformation into a leading national player; Robust franchise. Improving performance of the core banking business, as the aggressive branch expansion strategy gradually seasons; and Sound balance-sheet liquidity. Risks inherent in holding a large, strategic portfolio of equity investments; Comparatively high reliance of bottom-line profits on equity-related income streams; and Consistently declining trend of 'la Caixa's' core capitalization to levels that are just adequate. The ratings on Caja de Ahorros y Pensiones de Barcelona ('la Caixa') balance the low-risk profile and improving performance of the group's core banking business,...
Companies mentioned in this report are: Caja de Ahorros y Pensiones de Barcelona,Deutsche Bank AG,Telefonica S.A.,Repsol-YPF S.A.,Endesa S.A.,Banco de Sabadell S.A.,Banco BPI S.A.,Gas Natural SDG S.A.,Sociedad General de Aguas de Barcelona S.A.,Itau Unibanco Holding S.A.
Action: Review
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
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