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Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa) Jun 11
Standard & Poors, June 2011
Abstract
Dominant position in its home market. Above-average capitalization. Sound liquidity and funding profile. Large exposure to real estate developers, as both a lender and investor. High level of problem assets by international standards. Limited business diversification and high geographic concentration in its competitive home market. Still moderate operating profitability. The ratings on Caja de Ahorros y Monte de Piedad de Guip-zcoa y San Sebasti-n (Kutxa) are underpinned by its dominant position in its home market, strong capitalization, sound liquidity, and limited reliance on wholesale funding. In Standard & Poor's Ratings Services' opinion, these strengths are partially offset by Kutxa's exposure to real estate developers, the level of problem assets it accumulated during the downturn (which, though lower than the Spanish...
Companies mentioned in this report are: Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
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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