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RATING SENSITIVITIES IDRs, VR AND SENIOR DEBT Ibercaja Banco’s | Churrascaria - Das brasilianische Catering

cheap Canada Goose Fitch Revises Ibercaja Banco’s Outlook to Positive

Canada Goose Outlet The bank’s Long term Issuer Default Rating (IDR) has been affirmed at ‚BB+‘, Viability Rating (VR) at cheap canada goose uk ‚bb+‘ and Short canada goose coats on sale term IDR at ‚B‘. The agency has also affirmed Ibercaja Banco’s Support Rating (SR) of ‚3‘ and Support Rating Floor (SRF) of ‚BB+‘. A full list of rating actions is at the end of this rating action commentary. The revision of the Outlook to Positive reflects Fitch’s belief canadian goose jacket that Ibercaja Banco’s IDRs and VR could canada goose uk black friday be upgraded if asset quality improves and capital is further reinforced in the foreseeable future. KEY RATING DRIVERS IDRs AND VR Ibercaja Banco’s IDRs are driven by its standalone credit fundamentals as captured by its VR. The VR reflects Ibercaja Canada Goose sale Banco’s well established franchise uk canada goose outlet in its core market of Aragon, and a fairly canada goose low risk business profile, focused largely on retail mortgage lending which represented around two thirds of gross loans at end 3Q’14. Problem canada goose clearance sale assets, which include non performing canada goose coats loans (NPLs) and foreclosed assets, are still high but there is evidence that volumes have stabilised over the Canada Goose online last canada goose clearance three quarters. The group performed well in the ECB’s comprehensive assessment and no capital shortfalls were identified. This also suggests adequate loan loss reserves, although unreserved canada goose uk shop problem assets remain high in relation to Fitch core capital (FCC). The VR also factors in Ibercaja Banco’s ample customer funding base and adequate liquidity. (BCaja3). Ibercaja Banco’s portfolio of problem assets peaked in year end 2013 and has since stabilised. Fitch expects problem assets to trend downwards over the next few quarters as the economy slowly recovers. At end 3Q’14, the bank’s NPL ratio reached 10.9% (13%, including foreclosures), comparing well with domestic peers. The legacy exposure to real estate developers, which drove most of the past deterioration, still makes up 14% of gross loans and foreclosures and is reducing very slowly. The level of reserves against canada goose black friday sale NPLs (55%) and foreclosed assets (50%) is, in Fitch’s view, adequate as the majority of these assets buy canada goose jacket are also backed by mortgage collateral. Capitalisation benefited from large capital gains Canada Goose Parka generated from the rotation of securities in the first half of 2014 (1H’14). In uk canada goose addition, capital was supported by lower deferred tax asset deductions following the November 2013 amendment of Spanish corporate tax legislation. The FCC/weighted risks ratio, which is Fitch’s primary measure of capitalisation, grew to 8.4% at end 3Q’14 from around 6.1% at end 2013. There are also EUR407m additional loss absorbing buffers, in the buy canada goose jacket cheap form of contingent convertibles from the Fund for Orderly Bank Restructuring, but the bank plans to repay them by 2017. The bank’s transitional Basel III common equity tier 1 ratio canada goose store was a higher 10.7% Canada Goose Coats On Sale at end 1H’14. As capital strengthening remains one of the bank’s top priorities, Fitch foresees some additional reinforcement over the medium term. A public listing of the bank’s shares could achieve this, although timing depends on market conditions. Earnings generation is currently limited but may improve as economic prospects improve and synergies from the BCaja3 transaction feed through. Contributions from the insurance subsidiaries are also relatively stable. Ibercaja Banco’s funding mix largely comprises a stable customer deposit base that fully funds the loan book and covered bonds with a well diversified repayment structure. The bank holds large reserves of unencumbered assets, largely including Spanish sovereigns. RATING SENSITIVITIES IDRs, VR AND SENIOR DEBT Ibercaja Banco’s IDRs are sensitive to changes in the VR. The Positive Outlook indicates upward potential for Ibercaja Banco’s VR and, consequently IDRs. The VR could be upgraded if there is Canada Goose Online a sustained material reduction in problem assets, combined with further reinforcement of capital. Improvements in recurrent earnings could also be ratings positive. Conversely, any negative rating action, which Fitch sees as unlikely in the short term, would arise from unforeseen deterioration of asset quality and/or due to a material weakening of earnings. This is because canada goose uk outlet the bank’s regional importance is considered strong. Ibercaja Banco’s SR and SRF are sensitive to any weakening of Fitch’s assumptions regarding Spain’s ability and propensity canada goose fur to provide timely support to the bank. The greatest sensitivity is to progress made in implementation of the Bank Recovery and Resolution Directive and Single Resolution Mechanism. Fitch expects to downgrade Ibercaja Banco’s SR to ‚5‘ from ‚3‘ and revise its SRF to ‚No Floor‘ from ‚BB+‘ by end 1H’15. Canada Goose Jackets Timing depends on progress made on bank resolution legislation. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO Canada Goose Outlet CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, cheap Canada Goose CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, canada goose factory sale CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‚CODE OF CONDUCT‘ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.