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Article: MOODY'S DOWNGRADES CAIXA GALICIA'S BFSR TO C AND DEBT RATINGS TO A2

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Info-Prod Research (Middle East)
Article date:
December 23, 2007
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Moody's Investors Service today downgradedthe bank financial strength rating ("BFSR") of Caixa de Ahorros deGalicia ("Caixa Galicia") to C from C+ (negative outlook), keeping thenegative outlook on this rating. Due to the downgrade of the BFSR, thesavings bank's deposit and debt ratings were also downgraded to A2 fromA1, reflecting Moody's consideration that these ratings should be morealigned with the intrinsic financial strength of the savings bank. TheA2/P-1 debt and deposit ratings have a stable outlook. According to Moody's, the downgrade reflects Caixa Galicia's vulnerability to the slowdown in the real estate (RE) development inSpain, given its high exposure to this activity and its ...

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