S&PCORRECT: Spain Banking Industry Country Risk Assessment Revised To Group 4 From Group 3 On Heightened Economic Risk Oct 11
- Language: English
- Published: October 2011
- Region: Spain
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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)
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Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)