...VR-Driven IDRs: Banco Cooperativo Espa±ol S.A.'s (BCE) Long-Term IDR is driven by its standalone strength, as reflected in its Viability Rating (VR). BCE's ratings reflect its fairly low risk profile, sound risk management, adequate capital ratios and liquidity, and stable but low profitability. The ratings also consider its strategic importance to the members of the Asociacion Espa±ola de Cajas Rurales (AECR; the Spanish rural cooperatives association), which Fitch Ratings expects to persist, and the latter's satisfactory aggregate financial profile. Fairly Low Risk Appetite: BCE provides shared financial and non-financial services to AECR members. It mainly acts as an intermediary, channelling liquidity to and from the association's banks. BCE's activities are largely secured or guaranteed, while its own risk is limited and mainly linked to Spanish sovereign debt. All these factors contribute to BCE's fairly low risk profile and drive its ratings. Satisfactory AECR Members: The aggregate...
