Fitch cuts Grupo Cooperativo Cajamar

Fitch Ratings said it downgraded Grupo Cooperativo Cajamar's long-term issuer default rating to BB- from BB. The outlook is negative.

Fitch also downgraded 's the group’s central bank - Banco de Credito Social Cooperativo, SA's - and the group's largest cooperative bank, Cajamar Caja Rural, Sociedad Cooperativa de Credito's, long-term IDRs to BB- from BB. The outlook is negative.

The rating actions form part of a portfolio review of Spanish banks as a result of the economic fallout from the coronavirus.

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