Investor Presentaiton
CAJA RURAL
DE NAVARRA
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OPERATIVE ENVIRONMENT
Standard and Poor's rates the regions of Navarre
and Basque Country two notches higher than Spain
(AA - Vs A).
STANDARD
& POOR'S
RATINGS SERVICES
•
CITING FOR NAVARRE:
• “Our rating on Navarre can be above that of Spain because we estimate that the region's credit characteristics would
make it more resilient than the sovereign in a stress scenario."
• “Unique taxing powers, skilled financial management, and a sound economy support Navarre's creditworthiness."
"Navarre... has unique taxing powers ... Navarre collects taxes and transfers a portion of them to Spain's central
government in compensation for the services it provides in Navarre."
• “Navarre's economy is wealthier, more competitive and more export oriented than Spain's."
• "We believe Navarre's high fiscal autonomy and sound financial management make it more resilient."
Source: Standard & Poor's Global Ratings-Research update (27th September 2019) available at www.navarra.es
2020 Credit and Sustainability Framework CRN
22View entire presentation