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Caja de Ahorros del Mediterraneo Jul 08
Standard & Poors, July 2008
Abstract
Strong position in its home market Sound strategic direction Increased geographic diversification through its nationwide expansion High operating efficiency High exposure to real estate developers Deteriorating asset quality 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 regions, sound strategic direction, increased nationwide diversification, and high operating efficiency. Negative rating factors include CAM's high exposure to Spanish real estate developers, asset quality deterioration, and heavy reliance on wholesale funding. CAM is a dominant player in its home market of Alicante and Murcia, which has acted as a springboard for expansion into other Spanish regions. CAM has achieved meaningful scale and a gradual reduction...
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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