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Caja de Ahorros y Pensiones de Barcelona Dec 06
Standard & Poors, Dec 2006
Abstract
Robust retail banking franchise in Spain, the result of a successful growth strategy led by a strong management team Very low credit risk profile Core banking business' improved performance as branch expansion seasons Outstanding financial flexibility Sound balance-sheet liquidity Risks inherent in holding a large, although declining, strategic portfolio of equity investments Comparatively high reliance of bottom-line profits on equity-related income streams The ratings on Caja de Ahorros y Pensiones de Barcelona (la Caixa) reflect its robust retail banking franchise in Spain; strong management and successful strategy; low-risk profile; comfortable liquidity; improving core banking performance (albeit somewhat weaker than similarly rated peers); and outstanding financial flexibility. Although to a lesser extent than in the past, the ratings also factor in...
Companies mentioned in this report are: Caja de Ahorros y Pensiones de Barcelona,Banco BPI S.A.,VIDA CAIXA, S.A. de Seguros y Reaseguros,Caixa de Barcelona-Seguros de Vida S.A. de Seguros y Reaseguros
Action: Review
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: Full Analysis
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