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Article: MOODY'S DOWNGRADES CAIXA PENEDES TO BAA1/P-2/C-, NEGATIVE OUTLOOK
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- December 2, 2008
CopyrightCopyright 2008 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
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Moody's Investors Service today downgradedCaixa d'Estalvis del
Penedes' ("Caixa Penedes") long-term bank depositand senior debt
ratings to Baa1 from A2, and the bank financial strengthrating
(BFSR) to C- from C. The short-term debt and deposit ratings
werealso downgraded to Prime-2 from Prime-1. The outlook on the long-
termdebt and deposit ratings and BFSR is now negative. According to
Moody's, the downgrades of Caixa Penedes' ratings, which nowbring it
more in line with similarly placed Spanish banks in this
ratingrange, were prompted by the combination of the following
factors: (1) One of the highest exposures (in % of Tier 1 capital)
to the realestate and construction sectors in Spain, ...
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