MOODYS PLACES LONG-TERM FOREIGN CURRENCY RATINGS OF MEXICAN BANKS ON REVIEW FOR UPGRADE
Moody's Investors Service has placed on review for upgrade the long-term foreign currency debt and long-term foreign currency deposits of all rated Mexican banks. The rating action is the direct result of Moody's having placed its ratings for Mexico's Ba1 country ceiling for foreign currency bonds and notes and for Mexico's Ba2 country ceiling for foreign-currency bank deposits on review for upgrade.
The review does not affect the financial strength ratings of the rated banks in Mexico. The ratings of the Mexican banks remain at the country ceilings because they still enjoy large amounts of government support. In spite of new capital rules and explicit government statements about a gradual reduction in government support to the banks, Moody's does not expect official forbearance towards the rated domestic banks to diminish in the medium term. The review, however, will focus on the likelihood of continuing government support.
The following bank ratings were put on review for upgrade. All of these bank ratings for long-term senior bonds and notes and long-term bank deposits are currently at the Mexican country ceiling:
Banco Nacional de Mexico S.A: long-term foreign-currency deposits of Ba2,
and Global MTN Program of Ba1
Bancomer S.A: long-term foreign-currency deposits of Ba2; long-term local currency deposits of Baa3
Bancomer, S.A. Grand Cayman. long-term senior notes of Ba1
Banco Mercantil del Norte S.A: long-term foreign-currency deposits of Ba2
Banco Santander Mexicano S.A: Long-term foreign currency deposits of Ba2,
Global MTN Program of Ba1
Banca Serfin S.A: long-term foreign-currency deposits of Ba2, long-term
foreign currency issuer rating of Ba2
Banco Internacional S.A: long-term foreign-currency deposits of Ba21
Banpais S.A: long-term foreign-currency deposits of Ba2, long term senior
foreign currency debt of Ba1
Banco Inverlat S.A: long-term foreign-currency deposits of Ba2
Nacional Financiera S.N.C., Grand Cayman Branch long-term foreign currency debt of Ba1
Banobras S.N.C: long-term foreign currency debt of Ba1
Banco Nacional de Comercio Exterior, S.N.C: long-term foreign-currency deposits of Ba2,
long-term senior debt of Ba1
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