...Prudent Risk Management: Caja Rural de Navarra, Sociedad Cooperativa de CrTdito's (CRN) IDRs are driven by its standalone creditworthiness, as reflected in its Viability Rating (VR). CRN has conservative underwriting standards, which have resulted in asset quality's resilience to the economic recession, robust capitalisation, retail-based funding structure and a comfortable liquidity position. The VR also factors in CRN's modest profitability and geographic concentration in its home region of Navarra. Resilient Asset Quality Indicators: CRN has a low risk appetite and has kept its conservative underwriting standards unchanged throughout the economic cycle. This prevented CRN from excessively financing real estate development projects during the boom years of the Spanish property market. The entity increased its exposure to this sector after 2009 but after carefully assessing projects' viability and requiring borrowers to pledge substantial collateral. This conservative underwriting strategy...
