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Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)
Standard & Poors, July 2010
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. Well-managed long-term expansion strategy. Sound liquidity. Good reserve buffers to absorb credit losses. Lower credit risk than the system average. Our expectations of weakening asset quality and operating profitability. Significant exposure to real estate developers. Historically high contribution of equity-related income to the profit and loss account. Smaller scale and lower diversification than that of large domestic universal competitors. The ratings on Spanish savings bank Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (iberCaja) reflect its dominant position in its home market, combined with Standard & Poor's Ratings Services' view of its well-managed expansion strategy, sound liquidity, good reserve buffers to absorb credit losses, and lower credit risk than the...
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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