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Article: MOODY'S DOWNGRADES CAJA CANTABRIA TO A3/P-2/C-, NEGATIVE OUTLOOK

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Info-Prod Research (Middle East)
Article date:
November 27, 2008
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Moody's InvestorsService today downgraded the long-term bank deposit and senior debtratings of Caja de Ahorros de Santander y Cantabria (Caja Cantabria) toA3 from A2. The short-term debt and deposit ratings were also downgradedto Prime-2 from Prime-1. The bank financial strength rating (BFSR) wasaffirmed at C- but its outlook has been changed to negative. The outlookon the long-term debt and deposit ratings is also now negative. According to Moody's, the downgrades of Caja Cantabria's ratings wereprompted by the combination of the following factors: (1) The savings bank's high exposure to the real estate and constructionsectors and large top- name concentration, which is now in line with ...

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