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24 Sep 2010
First-time rating for Spanish subsidiary of the Credit Agricole Group
London, 24 September 2010 -- Moody's Investors Service today assigned A1 long-term and Prime-1
short-term local and foreign currency deposit ratings to Bankoa
as well as a bank financial strength rating (BFSR) of C-.
The BFSR maps to a baseline credit assessment (BCA) of Baa2. The
outlook on all ratings is negative.
"The BFSR primarily reflects: (i) the retail nature and stability
of the bank's earnings; (ii) its good risk-absorption
capacity, which is derived from its lower exposure to the real estate
sector, better asset quality across sectors and higher capitalisation
levels when compared to its domestic peers; and (iii) the benefits
derived from its integration into the larger Credit Agricole Group,
as reflected in its governance structure and conservative risk management,"
says Javier Rodriguez, Moody's lead analyst for the bank.
"The ratings are constrained by the bank's relatively modest franchise,
concentration risk due to its small size and its somewhat low risk-adjusted
profitability," adds Mr. Rodriguez.
Moody's explains that Bankoa's long-term deposit rating
benefits from a very high probability of support from the Caisse Regionale
de Credit Agricole Pyrenees Gascogne (CAMPG, Aa1/P-1,
negative) and Credit Agricole SA (CASA, Aa1/P-1/B-,
negative), which own 94.56% and 5% of the bank,
respectively. This results in a four-notch uplift from the
Baa2 baseline credit assessment (which maps from the C- BFSR).
Given the bank's relatively low weight in its home market,
Moody's believes that the probability of systemic support for Bankoa in
the event of need is low. Consequently, systemic support
does not underpin the deposit ratings of the bank. Spain is regarded
as a medium support country.
Moody's says that the negative outlook on all ratings is currently
shared by all Spanish credit institutions. While the macroeconomic
fundamentals are more favourable in the Basque Country than compared to
the rest of Spain, the expected low level of growth will continue
to challenge the bank's earnings-generation capacity and
affect loan performance across segments. Specifically, Bankoa's
BFSR could be under pressure if: (i) portfolio losses rise above
the rating agency's current stress scenarios (EUR74 million in Moody's
base scenario and EUR163 million in Moody's severely stressed scenario);
or (ii) the bank's risk absorption capacity -- primarily made up
of capital and reserves -- weakens beyond that which is envisaged
in Moody's stress tests. Conversely, upward pressure on the
ratings could result from (i) an improvement in the level of recurring
risk-adjusted profitability; or (ii) a strengthening of the
bank's franchise value through market shares, provided neither
are achieved at the cost of a higher risk profile.
The negative outlook on Bankoa's debt and deposit ratings also reflects
the negative outlook of its majority owner CAMPG as well as that of CASA.
The principal methodologies used in rating Bankoa were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
A Refined Methodlogy published in March 2007. Other methodologies
and factors that may have been considered in the process of rating this
issuer can also be found on Moody's website.
Bankoa is headquartered in San Sebastian in the region of the Basque Country,
Spain. As at 30 June 2010, the bank had total assets of EUR1.73
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
The rating has been disclosed to the rated entity or its designated agents
and issued with no amendment resulting from that disclosure.
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Please see ratings tab on the issuer/entity page on Moodys.com
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The date on which some Credit Ratings were first released goes back to
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MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Javier Rodriguez, CFA
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Investors Service Ltd.
Moody's assigns A1/P-1/C- ratings to Bankoa; outlook negative (Spain)
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