Bulletin: Spanish Savings Bank iberCaja Ratings/Outlook Unchanged After Announced Reorganization Around A Commercial Bank May 11

Standard & Poors, May 2011

Abstract
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)
Action: Bulletin

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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

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