... de Navarra, Sociedad Cooperativa de Credito's (CRN) ratings reflect its solid capitalisation, conservative underwriting standards and significantly better-than-sector-average asset-quality metrics. The ratings also factor in the bank's modest but stable profitability and concentration in Spanish public debt securities, as well as its stable funding and liquidity. The Stable Outlook reflects Fitch Ratings' expectation that the bank's credit profile and franchise will be stable in the medium term. Strong Regional Franchise: CRN is the third-largest credit cooperative in Spain and offers retail banking services to households and SMEs, primarily in its home region of Navarra, where it has market shares of 29% for deposits and 24% for loans. The bank has built a respectable presence in the neighbouring autonomous communities of the Basque Country (A-/Stable) and La Rioja (BBB/Stable). However, its national market share is small at below 2%. Better...
