Debt assumed by and ratings aligned with ratings of Banco Sabadell
Madrid, December 10, 2012 -- Moody's Investors Service has today withdrawn the following ratings of Banco CAM: (1) the standalone bank financial strength rating (BFSR) of E+, equivalent to a standalone credit assessment of b3; and (2) the long-term and short-term local-currency and foreign-currency deposit ratings of Ba1 and Not-Prime, respectively. The long-term ratings had a negative outlook while the standalone credit assessment was on review for upgrade.
Banco CAM's standalone credit assessment and deposit ratings have been withdrawn following its acquisition by Banco Sabadell, S.A. (Banco Sabadell, Ba1 negative; D/ba2 negative outlook) as of 1 June 2012 and the fact that Banco CAM has ceased to exist as an independent legal entity upon completion of the merger and completion of the technological integration on 8 December 2012. At the same time, the ratings on Banco CAM's debt instruments remain unchanged and have been transferred to Banco Sabadell.
The E+ standalone BFSR and Baseline Credit Assessment of b3 of Banco CAM reflected its very weak standalone credit profile. It was placed on review for upgrade on October 24, 2012 to reflect the positive implications of integrating into Banco Sabadell (see "Moody's confirms ratings of Caixabank, La Caixa, Banco Sabadell and Banco CAM, maintains other banks on review").
Banco CAM's Ba1 debt and deposits ratings had already incorporated Moody's assumptions about strong parental support from Banco Sabadell and thus were placed at the same level as the parent.
Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its Web site, www.moodys.com.
The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
At end of December 2011, Banco CAM had total assets amounting to EUR 70.8 billion.
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