Summary: 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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
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 system average. Constraining the ratings are our expectations of weakening asset quality and operating profitability, iberCaja's sizable exposure to real estate developers, historically high contribution of equity-related income, and smaller scale and lower diversification than that of large domestic universal competitors. iberCaja enjoys a leading market position in the northern Spanish regions of Arag-n (Autonomous Community of Arag-n, AA/Negative/--) and La Rioja, and the province...

Companies mentioned in this report are: Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)
Action: Review

Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)

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