Fitch lowers the 'rating' of Laietana and Girona were invited to merge.

Barcelona, May 24 () .- The measurement of international agency Fitch has today downgraded the ratings of Caixa Girona, Caixa Laietana, putting it at BBB and BBB-, respectively, and has called on both boxes to be merged with other entities as otherwise set out to suffer a further reduction in its rating.

Fitch also maintains the rating of the, kinah for sale, two boxes Catalan negative outlook, as reported in a statement.

Caixa Caixa Laietana and Girona are, along with Caixa Penedes, the unique Catalan boxes, apart from La Caixa, which have refused to participate in an integration process and have decided to continue operating alone, at least for now, the new financial map .

In the case of Caixa Laietana, Fitch has downgraded its, tera gold, debt from BBB to BBB-, the last investment grade level.

The agency believes that the case of Maresme has little room to improve their level of capitalization and that will be difficult to transform its risk profile due to the uncertain evolution of the Spanish economy and the recession experienced by the real estate sector.

The box, moreover, "must continue to improve its funds, aion kinah, in a time when competition in the field of the deposits is likely to continue."

All these factors put pressure on asset quality and profitability of Caixa Laietana in both 2010 and 2011.

This situation argues Ficth, reflects the need for Laietana improve their capitalization levels through a fusion.

"If this is not carried out in the short term there may be pressure to lower valuations," says the rating agency.

In a brief note sent to the Commission Nacional del Mercado de Valores (CNMV), explains that Laietana Fitch cut is motivated "primarily by the uncertainty of the evolution of the Spanish economy and the slow recovery in the housing sector."

As Caixa Girona, Fitch has decided to lower its long-term rating from BBB + to BBB to "persistent negative effects of the weak economy and the recession in the housing sector," which is affecting the quality of assets the box and its operating profitability.

Caixa Girona, explains its loan portfolio increased sharply between 2004 and mid 2007, so much of its loan portfolio depends on the real estate sector, currently a high risk, which will be difficult to reduce in the short term given the uncertain prospects economic recovery.

Like Caixa Laietana, Caixa Girona Fitch summons to boost its capitalization, "either by selling assets or through a fusion with other boxes."

Of failing to improve the profitability of the entity and the asset quality, Fitch downgraded again the long-term rating Caixa Girona.

Caixa Laietana has recently resumed its contacts with Caixa Penedes to bring together a new great fusion of savings banks in Spain to have been asked to Caja de Ahorros Inmaculada (CAI), Sa Nostra, and also to Caixa Girona.

The latter was to merge with banks Terrassa, Sabadell and Manlleu, which have been Unnim, but at the last minute decided to climb down the project and go solo.

return eclipse's blog to keep reading