DBRS Morningstar has upgraded the long-term issuer ratings of Banco de Crédito Social Cooperativo (BCC), Cajamar, and Grupo Cooperativo Cajamar from BBB to BBB (high). It has also upgraded their short-term rating from R-2 (high) to R-1 (low) and assigned a stable outlook.
As the rating agency indicates, the rating upgrade “reflects the Group’s ability to sustain the improvement in profitability achieved since the close of the 2023 financial year”. In this regard, it anticipates that “profitability will remain solid over time, supported by a still-favorable interest rate environment, contained costs, continued credit growth, and a moderate cost of risk, underpinned by the strength of the Spanish economy and labor market, as well as the significant improvement in Grupo Cajamar’s risk profile driven by a more balanced portfolio composition”.
The Group’s robust capitalization also stands out, featuring substantial capital buffers well above minimum regulatory requirements, alongside a solid funding and liquidity profile, supported by a broad and growing customer deposit base rooted in its status as a cooperative banking group. Furthermore, the rating agency highlights the strategic alliance between BCC-Grupo Cajamar and Crédit Agricole S.A., noting that “in the long term, it could strengthen the Group’s franchise by expanding its product offering and supporting organic growth”.
The rating upgrade announced today solidifies the investment grade status that Grupo Cajamar has held since 2024 from the three rating agencies: Fitch Ratings, S&P Global Ratings, and DBRS Morningstar.
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