IPR Strategic Business Information Database

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

IPR Strategic Business Information Database | December 23, 2007 | Copyright

Moody's Investors Service today downgraded the bank financial strength rating ("BFSR") of Caixa de Ahorros de Galicia ("Caixa Galicia") to C from C+ (negative outlook), keeping the negative outlook on this rating. Due to the downgrade of the BFSR, the savings bank's deposit and debt ratings were also downgraded to A2 from A1, reflecting Moody's consideration that these ratings should be more aligned with the intrinsic financial strength of the savings bank. The A2/P-1 debt and deposit ratings have a stable outlook. According to Moody's, the downgrade reflects Caixa Galicia's…

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