Fitch Ratings places Cajamar’s rating at investment grade with a stable outlook

Fitch Ratings has assigned Cajamar, Banco de Crédito Social Cooperativo and Grupo Cooperativo Cajamar a BBB- (investment grade) rating with a stable outlook.

According to the information provided, this rating is based on the fact that the Cajamar Group has adequate capitalisation, well above its regulatory minimum; adequate liquidity, with solid regulatory ratios; and notable asset quality. 

In assigning this rating, the rating agency has taken into account Grupo Cajamar’s robust volume of retail customers in the Mediterranean coast and other rural regions in central Spain, together with its strong footprint in the agri-food sector and the fact that, being a cooperative, it is able to have a large, stable and granular deposit base and a potential funding base that is considerably larger than the volume of loans. Fitch thus expects the CET1 ratio to continue to grow through internal capital generation and a reduction in the growth of risk-weighted assets (RWAs).