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Rating Action:

Moody's assigns A3 to BBVA Bancomer's proposed foreign currency subordinated notes

24 Sep 2012

Mexico, September 24, 2012 -- Moody's Investors Service assigned a long term foreign currency subordinated debt rating of A3, on review for downgrade, to BBVA Bancomer, S.A.'s proposed long term foreign currency Tier 2 cumulative subordinated preferred, 10.5-year notes (Subordinated Tier 2 Cumulative Notes), issued through the bank's Texas Agency (BBVA Bancomer, S.A. Texas Agency). These subordinated notes represent a further issuance of BBVA Bancomer's 6.75% long term foreign currency Tier 2 cumulative subordinated preferred notes due 30 September 2022, and will be consolidated and form a single series with the US$1 billion principal amount of the notes originally issued through BBVA Bancomer, S.A. Texas Agency on 11 July 2012.

The following subordinated debt rating was assigned to BBVA Bancomer, S.A.'s subordinated cumulative Tier 2 debt notes issued through its Texas Agency (BBVA Bancomer, S.A. Texas Agency):

- Long-term foreign currency subordinated debt rating of A3, on review for downgrade

RATINGS RATIONALE

The A3 subordinated debt rating, on review for downgrade, is underpinned by BBVA Bancomer's A2 local currency deposit rating, on review for downgrade, and follows Moody's notching convention for bank subordinated debt, as referenced in "Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt" dated November 2009; available on www.moodys.com under "Moody's Consolidated Global Bank Rating Methodology".

The A2 anchor rating incorporates two notches of uplift from the bank's baa1 standalone baseline credit assessment to reflect our assessment of the probability of parental and systemic support.

Key features of the notes are the 10.5-year maturity, its cumulative coupon skip mechanism, and subordination in liquidation. Coupon skip features include mandatory deferral of interest based on regulatory triggers. In the event of BBVA Bancomer's bankruptcy, liquidation or dissolution, the notes will rank junior to all senior debt; pari passu with subordinated debt, and senior to most junior subordinated debt (deeply subordinated debt) and to holders of common stock.

The principal methodology used in these ratings was "Moody's Consolidated Global Bank Rating Methodology" published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The date of the last Credit Rating Action was 11 July 2012, when Moody's assigned A3 to BBVA Bancomer's proposed foreign currency subordinated notes. On 28 June 2012, Moody's downgraded the bank's BFSR to C- from C+ as well as the bank's local currency deposit ratings to A2 from A1, and placed these ratings on review for downgrade (for details please refer to Moody's press release "Moody's concludes review for downgrade on ten Mexican financial institutions").

BBVA Bancomer is headquartered in Mexico City. As of 30 June 2012, the bank had around Mx$1,251 billion in assets (source: Issuer's Financial Statements).

The period of time covered in the financial information used to determine the rating is between 31 December 2006 and 30 June 2012 (source: Moody's, Issuer's Financial Statements and Banco de Mexico).

The sources and items of information used to determine the rating include 2011 and 2012 interim financial statements (source: Grupo Financiero BBVA Bancomer); year-end 2011 audited financial statements (source: Grupo Financiero BBVA Bancomer, audited by Deloitte Touche Tohmatsu Limited); financial statements and information on market position (source: CNBV); regulatory capital information (source: Banco de Mexico); debt offering memorandum (source: BBVA Bancomer).

Additional information on Rating Symbols and Definitions, issuer, lead analyst, ratings history, etc. can be found in Moody's local website www.moodys.com.mx.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com and/or www.moodys.com.mx.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com and/or www.moodys.com.mx.

The rating has been disclosed to the rated entity prior to public dissemination.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

In compliance with regulatory requirements, Moody's de Mexico has been informed that during the two-month period prior to the execution of the rating agreement governing this rating assignment, Fitch Ratings has assigned a rating of BBB on the same issuer/securities referred to in this press release.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.mx for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

David Olivares Villagomez
VP - Senior Credit Officer
Financial Institutions Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Maria Celina Vansetti-Hutchins
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Moody's assigns A3 to BBVA Bancomer's proposed foreign currency subordinated notes
No Related Data.
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