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Caja de Ahorros y Monte de Piedad de Madrid
Standard & Poors, Jan 2007
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
Valuable franchise in retail banking and dominant position in its core region Low risk profile of its pre-eminent retail banking business Healthy performance Sound core solvency, with increased financial flexibility Weaker market position than other nationwide players Meaningful, rapidly grown exposure to the real estate development sector (like some Spanish competitors) Significant single-borrower concentration Market and concentration risk through the permanent equity stake portfolio The ratings on Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid) are underpinned by the bank's valuable franchise in retail banking and dominant position in its core region; the low risk profile of its pre-eminent retail business; healthy performance; and sound core solvency, with improved financial flexibility through the accumulation of capital gains...
Companies mentioned in this report are: Caja de Ahorros y Monte de Piedad de Madrid,Mapfre S.A.
Action: Review
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