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Caja de Ahorros y Pensiones de Barcelona Dec 07
Standard & Poors, Dec 2007
Abstract
Robust Spanish retail banking franchise, resulting from a successful growth strategy led by a strong management team Low credit risk profile Positive trend in core banking performance Solid core solvency and outstanding financial flexibility Sound balance sheet liquidity Risks inherent in holding a large strategic equity portfolio Geographic concentration in Spain 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 that of similarly rated peers); and sound capitalization and financial flexibility. Although to a lesser extent than in the past, the ratings also factor in la Caixa's large portfolio of equity stakes,...
Companies mentioned in this report are: Caja de Ahorros y Pensiones de Barcelona
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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