... del Sur, Sociedad Cooperativa de Credito's (CRS) ratings are underpinned by strong capital ratios, resilient asset quality and sound funding and liquidity. The ratings also factor in a geographically concentrated moderate franchise in a weaker-than-average Spanish region and modest profitability. Sensitive to an Economically Weaker Region: CRS has a concentrated regional franchise in western Andalusia (BBB-/Stable), a region with weaker economic fundamentals than the national average, particularly in GDP/capita and unemployment, though with less exposure to industries that are more affected by the pandemic (i.e. agricultural sector). This explains the fact the bank's operating environment score is one notch lower than that of other domestic banks, with a negative trend reflecting that downside risks still remain for the Spanish economy. Robust Capital Buffers: Capitalisation is a rating strength in terms of risk-weighted capital ratios...
