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Caja de Ahorros del Mediterraneo Nov 07
Standard & Poors, Nov 2007
Abstract
Solid position in its home market Sensible, well-tested strategy Strong, consistently improving operating efficiency Sound asset quality, albeit weaker than domestic peers' High exposure to the real estate segment Tight core solvency Heavy reliance on wholesale funding The ratings on Caja de Ahorros del Mediterr-neo (CAM) are supported by the Spanish savings bank's strong position in its home market, sound strategic direction, high operating efficiency, and solid credit track record. Negative rating factors include CAM's high exposure to Spanish real estate developers; tight core solvency; and heavy reliance on wholesale funding. CAM benefits from a dominant presence in its home market encompassing the province of Alicante and the region of Murcia, which, together, make up one of Spain's wealthier economic...
Companies mentioned in this report are: Caja de Ahorros del Mediterraneo
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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