Mounting Financial Pressures On Several Savings Banks Could Reshape The Spanish Financial System Apr 09

Standard & Poors, April 2009

Abstract
On March 29, 2009, the Spanish regulator took control of Caja de Ahorros de Castilla La Mancha (CCM; not rated), in what became the first reported intervention by the regulator in a financial institution in Spain since the start of the current global economic crisis. Standard & Poor's Ratings Services believes that other financial institutions, specifically certain midsize and small savings banks, are also likely to face financial stress over the coming months as the economic downturn deepens. In our view, a number of players will struggle to absorb the financial burden of mounting asset quality problems and will likely require capital to clean up their balance sheets. We think that the workout of difficulties in the savings bank segment...

Companies mentioned in this report are:
- Banco Santander S.A.
- Caja de Ahorros y Monte de Piedad de Madrid
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Barclays Bank S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco de Sabadell S.A.
- Banco Popular Espanol S.A.
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Banco Bilbao Vizcaya Argentaria S.A.
- Confederacion Espanola de Cajas de Ahorros
- Santander Consumer Finance S.A.
- CaixaBank S.A.

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Banco Santander S.A.
- Caja de Ahorros y Monte de Piedad de Madrid
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Barclays Bank S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco de Sabadell S.A.
- Banco Popular Espanol S.A.
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Banco Bilbao Vizcaya Argentaria S.A.
- Confederacion Espanola de Cajas de Ahorros
- Santander Consumer Finance S.A.
- CaixaBank S.A.

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