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Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)
Standard & Poors, Aug 2005
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 traditional markets; Low-risk business profile, which underpins healthy asset quality; Conservative, skilful risk management; and Sound financial profile, characterized by solid solvency, an adequate funding profile, and healthy core profitability. Weaker geographical and business diversification than large domestic universal competitors; Exposure to the cyclical residential real estate development and construction segments; and Market risk from exposure to equities, which remain meaningful relative to core capital. The rating on Spain-based savings bank Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (iberCaja) reflects its solid position in its traditional markets of Aragon (Autonomous Community of Aragon; AA-/Positive/--), La Rioja, and Guadalajara. Despite an expansion strategy, the bank's overall market position in the Spanish banking market...
Companies mentioned in this report are: Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)
Action: Review
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