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Caja de Ahorros del Mediterraneo Nov 06
Standard & Poors, Nov 2006
Abstract
Strong position in 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, primarily as a lender, but also as an investor Declining core solvency Uneven growth between lending and retail deposits, leading to high reliance on wholesale funding The ratings on Spain-based savings bank Caja de Ahorros del Mediterr-neo (CAM) are supported by its strong position in its home market, sound strategic direction, strong and consistently improving operating efficiency, and solid credit track record. Negative rating factors include CAM's high exposure to Spanish real estate developers; the continuous reduction of its core solvency measures; and its uneven growth between loans and retail deposits (particularly...
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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