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Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)
Standard & Poors, April 2009
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 Well-managed long-term expansion strategy Sound liquidity Solid solvency Expected deterioration in asset quality Significant exposure to the real estate development segment Relatively high contribution of equity-related income to the profit and loss account Lower scale and diversification than that of large domestic universal competitors The ratings on Spain-based savings bank Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (iberCaja) reflect its dominant position in its home market, well-managed expansion strategy, sound liquidity, and solid solvency. They also factor in expected deterioration in asset quality, significant exposure to real estate developers, a likely lower contribution of equity-related income that stands to pressure performance, and iberCaja's lower scale and diversification than that of...
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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