|
|
 |
|
Viewing report
|
|
|
|
Caja de Ahorros del Mediterraneo 'A/A-1' Ratings On Watch Negative On Worsening Asset Quality Sep 08
Standard & Poors, Sep 2008
Abstract
MADRID (Standard & Poor's) Sept. 2, 2008--Standard & Poor's Ratings Services said today that it has placed its 'A/A-1' long- and short-term counterparty credit ratings on Caja de Ahorros del Mediterraneo (CAM) on CreditWatch with negative implications because of a relatively fast deterioration in the Spanish savings bank's asset quality. 'CAM's inflow of new nonperforming loans has accelerated in the second quarter of 2008 from the rate of previous quarters. This deterioration is eroding the cushions that CAM has built up over the years,' said Standard & Poor's credit analyst Jes-s Mart-nez. A high level of charge-offs have reduced the savings bank's provision coverage to 50% on June 30, 2008, from 107% three months earlier. CAM is also realizing capital...
Companies mentioned in this report are: Caja de Ahorros del Mediterraneo
Action: On CreditWatch: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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
|
|
|
|
