Cajamurcia & Co put on RWN ahead of SIP
Fitch placed Caja de Ahorros de Murcia and three other Spanish banks on Rating Watch Negative on Friday, because the General Assemblies of the four cajas approved an integration contract to form a banking group through an Institutional Protection Scheme (SIP). The rating agency said the SIP contract is expected to include a legally-binding cross-guarantee mechanism encompassing solvency and liquidity.
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