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Article: SPAIN: MOODY'S DOWNGRADES CAJA CANTABRIA TO A3/P-2/C-, NEGATIVE OUTLOOK.
- Article from:
- IPR Strategic Business Information Database
- Article date:
- November 27, 2008
CopyrightCOPYRIGHT 2008 Info-Prod (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Moody's Investors Service today downgraded the long-term bank deposit and senior debt ratings of Caja de Ahorros de Santander y Cantabria (Caja Cantabria) to A3 from A2. The short-term debt and deposit ratings were also downgraded to Prime-2 from Prime-1. The bank financial strength rating (BFSR) was affirmed at C- but its outlook has been changed to negative. The outlook on the long-term debt and deposit ratings is also now negative. According to Moody's, the downgrades of Caja Cantabria's ratings were prompted by the combination of the following factors: (1) The savings bank's high exposure to the real estate and construction sectors and large top-name ...
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