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Bulletin: Spanish Savings Bank iberCaja Ratings/Outlook Unchanged After Announced Reorganization Around A Commercial Bank May 11
Standard & Poors, May 2011
MADRID (Standard & Poor's) May 20, 2011--Standard & Poor's Ratings Services said today that its ratings and outlook on Spanish savings bank Caja de Ahorros y Monte de Piedad de Zaragoza, Arag-n y Rioja (iberCaja; A/Negative/A-1) are not immediately affected by the institution's reorganization announcement on May 19, 2011. In the context of the ongoing restructuring of the Spanish savings bank sector, and in line with steps already taken by some of its peers, iberCaja has decided to create a commercial bank (iberCaja Banco S.A.), which it will fully own and to which it will transfer practically all of its assets and liabilities . Contrary to other cases, however, the purpose of the announced reorganization is not to facilitate iberCaja's...
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)