DBRS rates Grupo Cooperativo Cajamar BB

DBRS said it assigned new BB (high) issuer ratings to Grupo Cooperativo Cajamar, Cajamar Caja Rural, Sociedad Cooperativa de Credito, and Banco de Credito Social Cooperativo SA.

The ratings reflect the group’s sound cooperative franchise in Spain, particularly in the agriculture sector in its home markets of Almeria and Valencia, and provides a stable customer deposit base. “The ratings also consider the group’s high levels of non-performing loans (NPLs) and non-performing assets (NPAs), which remain a burden to the group’s low profitability, although the group has made progress in reducing them since 2013,” DBRS said in a press release.

The trend is negative, reflecting the pandemic’s effect and that it will continue to hurt the operating environment for banks in Spain, DBRS said.

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