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

Standard & Poors, December 2008

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

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Confederacion Espanola de Cajas de Ahorros

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