... Ratings affirmed the ratings of four Spanish credit cooperatives in November 2014 in the context of Spain's mild economic recovery. Despite some deterioration, cooperatives' credit profiles remained resilient during the recession and their asset quality has shown signs of stabilisation in 2014. Viability Ratings Underpin IDRs: Laboral, CRN and CRS' IDRs are based on their standalone creditworthiness, as shown in their Viability Ratings (VRs). GCC's IDRs are driven by its Support Rating Floor (BB), which is above its VR (bb-). CRS' IDR is on Positive Outlook, reflecting the potential for sustained asset-quality improvement to trigger a VR upgrade. The Negative Outlook on GCC's Long-Term IDR reflects Fitch's expectation that the propensity of Spain to provide support in case of need will weaken in line with EU legislative developments. However, GCC's VR could be upgraded if it continues to make progress in managing down problem assets and...
