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Article: MOODY'S DOWNGRADES CAJA BURGOS TO A3/P-2/C-
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- November 30, 2008
CopyrightCopyright 2008 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
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Moody's Investors Service today downgraded the long-term bank
deposit and issuer ratings of Caja de Ahorros Municipal de Burgos
(Caja Burgos) to A3 from A2 and its bank financial strength rating
(BFSR) to C- from C. The short-term deposit ratings were also
downgraded to Prime-2 from Prime-1. The BFSR, issuer and deposit
ratings were placed on review for possible further downgrade.
According to Moody's, the downgrade of Caja Burgos's ratings was
prompted by the bank's very high exposure and top-name concentration
to the real estate development and construction sectors, not only in
relation to its Tier-1 capital and total loan book but also relative
to similarly rated peers. In Moody's view, ...
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