Research Update: Spanish Caja de Ahorros del Mediterraneo Outlook Revised To Negative; Ratings Affirmed Mar 08

Standard & Poors, March 2008

Abstract
On March 6, 2008, Standard & Poor's Ratings Services revised its outlook on Spain-based Caja de Ahorros del Mediterr-neo (CAM) to negative from stable. At the same time, we affirmed our 'A+/A-1' long- and short-term counterparty credit ratings on the savings bank. The outlook revision reflects the potential negative impact on CAM's financial profile (notably on asset quality and profitability) of a tougher environment than originally anticipated, which results from the abrupt adjustment of the real estate development sector, our expectation of a meaningful slowdown in economic growth, and continuing scarce liquidity in the global capital markets. A negative outlook is not necessarily a precursor to a downgrade or a CreditWatch placement. It means that Standard & Poor's considers that...

Companies mentioned in this report are: Caja de Ahorros del Mediterraneo
Action: Affirmed
Action: Outlook: Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Caja de Ahorros del Mediterraneo

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