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Caja de Ahorros del Mediterraneo Dec 08
Standard & Poors, Dec 2008
Abstract
Strong position in its home market Increased geographic diversification through nationwide expansion Sound operating efficiency Weak asset quality and expected further deterioration Pressure on recurrent earnings resulting from high credit costs Heavy reliance on wholesale funding Modest solvency levels The ratings on Caja de Ahorros del Mediterr-neo (CAM) are supported by the Spanish savings bank's strong position in its home regions, increased nationwide diversification, and high operating efficiency. The ratings also factor in the perceived rapid deterioration in CAM's financial profile, which Standard & Poor's Ratings Services expects will continue over the next few quarters, due to the savings bank's greater vulnerability than rated peers to Spain's sharp economic slowdown. CAM is a dominant player in its home markets of...
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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