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FINANCIALS: S&P Upgrades Cajamar - Rising Star

FINANCIALS
Credit BulletsCEEMEAEurozoneSpainBullet

Cajamar gets an average Sen-Pref rating of BBB-, with S&P joining Fitch at that level.

  • On the back of NPA's declining to 4% from 12% in 2019
  • Risk adjusted capital ratio to reach 11% by 2026, marginally improving vs current levels due in part to conservative payout ratio of around 30%
  • S&P acknowledge NPL's may pick up if economy worsens
  • Notes that half of SME loans in Agri, where expertise and market share (15% vs 3% more generally) is focussed
  • CoR will still remain above average at >50bps, vs 40bps peer average.
  • Co-Op nature in local communities provides 86% of deposit funding, relative advantage
  • Snr Rating at IG improves the sub notching from 2 to 1, hence the double upgrade
  • Given the rates, and subsequent NII outlook, further near term upgrades unlikely

Snr-Pref: BBB- (from BB+)

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Cajamar gets an average Sen-Pref rating of BBB-, with S&P joining Fitch at that level.

  • On the back of NPA's declining to 4% from 12% in 2019
  • Risk adjusted capital ratio to reach 11% by 2026, marginally improving vs current levels due in part to conservative payout ratio of around 30%
  • S&P acknowledge NPL's may pick up if economy worsens
  • Notes that half of SME loans in Agri, where expertise and market share (15% vs 3% more generally) is focussed
  • CoR will still remain above average at >50bps, vs 40bps peer average.
  • Co-Op nature in local communities provides 86% of deposit funding, relative advantage
  • Snr Rating at IG improves the sub notching from 2 to 1, hence the double upgrade
  • Given the rates, and subsequent NII outlook, further near term upgrades unlikely

Snr-Pref: BBB- (from BB+)

Keep reading...Show less