DBRS improves the outlook for Cajamar and Banco de Crédito Social Cooperativo

The agency expects it to be able to raise its ratings if it maintains the improvement in its profits, as well as its risk and capital levels.

The rating agency DBRS Morningstar has raised the long-term rating outlook of Banco de Crédito Social Cooperativo (BCC), Cajamar and Grupo Cooperativo Cajamar from stable to positive, reaffirming the level of BBB (low). In this review, it has considered the significant improvement in profitability over the recent quarters, the strengthening of its capitalization and the normalization of the cost of risk. 

The rating agency also highlights Grupo Cooperativo Cajamar's adequate positioning in terms of credit growth, the containment of operating costs, its funding and liquidity levels, as well as its granular and resilient base of customer deposits. 

Finally, it points out that the rating will be raised again if Grupo Cooperativo Cajamar maintains its improvement in profits, as well as its risk profile and capital levels. It should be recalled that, in the third quarter, Grupo Cajamar increased its net profit to €246 million, improving its solvency and risk profile.