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Caja de Ahorros y Pensiones de Barcelona Aug 06
Standard & Poors, Aug 2006
Abstract
Robust retail banking franchise in Spain; Strong management and successful strategy; Low credit risk profile; Core banking business' improving performance, as the branch expansion seasons; and 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; and Somewhat tight core solvency, although mitigated by significant financial flexibility. The ratings on Caja de Ahorros y Pensiones de Barcelona (la Caixa) balance its robust retail banking franchise in Spain; strong management and successful strategy; low-risk profile; comfortable liquidity; and improving core banking performance with the inherent risks of its sizable equity portfolio and its somewhat tight core capital position (although this is offset by significant...
Companies mentioned in this report are: Caja de Ahorros y Pensiones de Barcelona,VIDA CAIXA, S.A. de Seguros y Reaseguros,Caixa Finance B.V.,Caixa Capital B.V.
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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