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Research Update: Confederacion Espanola de Cajas de Ahorros (CECA) Outlook To Negative; Ratings Affirmed Dec 08 Product Image

Research Update: Confederacion Espanola de Cajas de Ahorros (CECA) Outlook To Negative; Ratings Affirmed Dec 08

  • Published: December 2008
  • Standard & Poors

Abstract
On Dec. 1, 2008, Standard & Poor's Ratings Services revised its outlook on Spanish Confederaci-n Espa-ola de Cajas de Ahorros (CECA) to negative from stable. At the same time, we affirmed the 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on CECA. The outlook revision reflects rating pressures from the weakening creditworthiness of the Spanish savings bank sector as a result of the sharp deterioration in the economic and operating environment in Spain. The ratings are supported by CECA's key role as the representative and operational arm of Spain's savings banks--which own, control, and govern the entity--as well as its moderate credit risk appetite and strong capitalization. They also reflect CECA's just adequate risk management systems, which the institution is...

Companies mentioned in this report are: Confederacion Espanola de Cajas de Ahorros
Action: Affirmed
Action: Outlook: Negative

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Confederacion Espanola de Cajas de Ahorros

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