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Rating Action:

Moody's concludes review for downgrade on ten Mexican financial institutions

28 Jun 2012

Downgrade of standalone ratings in line with Moody's global rating guidance; supported ratings affected.

Mexico, June 28, 2012 -- Moody's Investors Service has today downgraded the standalone bank financial strength ratings (BFSRs) or lowered the standalone credit assessments (BCAs) of six Mexican banks by one to two notches. The global local currency (GLC) deposit ratings of seven banks were also downgraded by one to three notches. The national scale ratings of six financial institutions were downgraded by one to four notches.

The revised ratings of seven financial institutions carry stable outlooks. The outlook on the standalone, global local deposit and debt ratings of one bank remains on review for downgrade and the outlook on the ratings of one bank is negative.

Today's rating actions stem from Moody's updated assessment of the linkage between the credit profiles of sovereigns and financial institutions domiciled within the country, as discussed in the rating implementation guidance "How Sovereign Credit Quality May Affect Other Ratings" published on 13 February 2012, and further detailed in the special comment "Banks and Sovereigns: Risk Correlations Constrain Standalone Bank Credit Assessments" published on 30 April 2012. The repositioning of the ratings also incorporates Moody's recent rating actions taken on the affected banks' European and US parent banking groups, and they conclude the reviews initiated on 24 February, 15 March, and 14 May 2012. The rating actions on the parent groups are further discussed in the press releases "Moody's downgrades firms with global capital markets operations," dated 21 June 2012; "Moody's downgrades Spanish banks," dated 25 June 2012; and "Moody's downgrades Dutch banking groups; most outlooks now stable," dated 15 June 2012.

RATINGS RATIONALE

DOWNGRADE OF STANDALONE RATINGS TO THE SOVEREIGN DEBT RATING LEVEL

The following standalone BFSRs and BCAs were downgraded to the level of Mexico's Baa1 sovereign debt rating:

- BBVA Bancomer, S.A. (Bancomer): to C-/baa1, on review for downgrade, from C+/a2

- Banco Nacional de México, S.A. (Banamex): to C-/baa1, stable, from C+/a2

- Banco Santander (México), S.A. (Santander México): to C-/baa1, stable, from C/a3

The lowering of these banks' standalone ratings and credit assessments reflects Moody's view that their creditworthiness is highly correlated with the credit strength of the Mexican government. The key drivers for the rating actions were (i) the high level of balance sheet exposure to domestic sovereign debt compared with the banks' capital bases; and (ii) their primarily domestic business that depends on the domestic macroeconomic and financial environment; and balanced by (iii) the banks' franchise resilience and financial strength within the Mexican operating environment.

Moody's review indicates that there is little, if any, reason to believe that these banks would be insulated from a government debt crisis, reflecting the linkage between the sovereign and the bank's credit profiles; in particular, their significant holdings of Mexican government securities, equal to three times Tier 1 capital, on average, based on publicly available consolidated data as of March 2012. In addition, the Mexican banks are primarily domestic institutions with macroeconomic exposures similar to those of the sovereign government; hence their standalone ratings are now positioned at the level of the Mexican government's local currency bond rating.

STANDALONE RATINGS BELOW THE LEVEL OF THE GOVERNMENT

The following standalone BFSRs and/or BCAs were affected:

ING Bank, S.A. (Mexico) (ING México): E+/b1, with negative outlook, from D-/ba3

Bank of America México, S.A.'s (BAMSA): ba1, from baa3

Moody's downgraded the standalone ratings and credit assessments of ING México to reflect the weakening of the bank's market and financial position, as indicated by continued contraction in business volumes and assets, as well as recurring losses. Moody's has also lowered BAMSA's standalone BCA to ba1, from baa3, reflecting the close operational and business linkages between BAMSA and its parent, Bank of America, N.A. (BofA).

DEPOSIT AND DEBT RATINGS

The downgrade of the local currency deposit and debt ratings of eight Mexican financial institutions is driven by the lowering of the banks' standalone assessments and/or by lower parent ratings.

Moody's ratings incorporate assumptions about potential external support from a parent institution, or a regional or national government. These assumptions reflect both the capacity and the willingness of such third parties to support a bank in the event of stress, and can lead to a subsidiary's deposit and debt ratings being lifted above its standalone credit assessment. The degree of uplift depends on a bank's relevance to the parent banking group and/or its systemic importance as a deposit-taker and lender.

Moody's assessment of parental support in the ratings of the Mexican subsidiaries of international banks incorporates the banks' strategic fit within its parent group, as well as the strategic and operational interdependence with its parent bank. The analysis also considers the effects of the reduced credit strength and sustained decline in the capacity of parent groups to support their cross border subsidiaries, as well as the positioning of each bank's standalone credit assessment relative to its parent's standalone profile.

The deposit and debt ratings of the three banks whose standalone profiles are now positioned at the same level as the sovereign rating continue to benefit from notching of uplift due to parent and/or government support assumptions. The deposit and debt ratings of the other five banks also benefit from uplift, between one to three notches, in their case solely based on parental support assumptions given these banks' limited systemic importance.

WHAT COULD MOVE THE RATINGS UP/DOWN

As the key drivers of today's actions are largely structural in nature, upward rating pressure is unlikely in the near term. Beyond the foreseeable future, a combination of an improving operating environment, declining sovereign-risk exposures and an improvement in the credit risk profile of the national government could positively influence Mexican banks' ratings. Conversely, a deterioration in the banks' operating environment, a weakening of their standalone financial fundamentals or that of their parent banking groups could exert downward pressure on the ratings.

LIST OF RATING ACTIONS

The following rating actions were taken:

BBVA BANCOMER

Bancomer's long-term deposit and debt ratings were downgraded by one notch to A2 on review for downgrade, from A1, and now incorporate two notches of uplift due to Moody's assumption of probability of support: one notch from parental support, and another one derived from government support. This action is the combined result of: (i) the downgrade of Bancomer's standalone BCA to baa1, from a2; and (ii) the downgrade of the standalone BCA of its Spanish parent Banco Bilbao Vizcaya Argentaria S.A. (BBVA) to baa3, from a3. The standalone and supported ratings, as well as the Prime 1 short-term deposit ratings, have been placed on review for downgrade, in line with the review for downgrade of its parent bank's ratings.

The subordinated debt ratings of Bancomer as well as the subordinated and junior subordinated of its Texas Agency and Grand Cayman Branch affiliates have been downgraded to A3 and Baa2, as applicable, in line with Moody's notching guidelines for bank subordinated and junior subordinated debt and hybrids, which is based on the supported deposit rating or the adjusted BCA, respectively, as anchor ratings. The debt ratings remain on review for downgrade.

The review for downgrade of Bancomer's ratings reflects the bank's degree of strategic and operational interdependence with its parent, whose standalone credit profile has been lowered and remains on review for downgrade. Particularly, the review of the bank's C-/baa1 standalone credit assessment will focus on the independence and resilience of Bancomer's franchise and financial strength in the event that the creditworthiness of the parent is further affected and its ratings lowered. Generally, Moody's is comfortable with subsidiaries' standalone credit assessments exceeding those of their parents, but this is typically limited by linkages between the subsidiary and the parent bank. The extent to which the regulatory framework in Mexico insulates Bancomer from potential adverse developments in Spain will also be factored into Moody's review of Bancomer's ratings.

BANAMEX

Banamex's long-term deposit and debt ratings of A2 were confirmed, with a stable outlook. Banamex's deposit ratings benefit from one-notch uplift derived from Moody's assessment of parental support, and one additional notch of uplift derived from systemic support considerations. This action is the combined result of (i) the downgrade of Banamex's standalone BCA to baa1, from a2, and (ii) the downgrade of the standalone BCA of its US parent Citibank, N.A. to baa3 stable, from baa1.

SANTANDER MÉXICO

Santander México's long-term deposit and debt ratings were downgraded by one notch to A3, with a stable outlook, from A2, and now incorporate one notch of uplift from Moody's assessment of systemic support. The short-term deposit rating was also downgraded to Prime 2, from Prime 1. This action is the combined result of: (i) the downgrade of Santander México's standalone BCA to baa1, from a3; and (ii) the downgrade of the standalone BCA of its Spanish parent Banco Santander S.A. (Santander) to baa2 on review for downgrade, from a3. The outlook on the rating is now stable.

ING MÉXICO

ING México's long-term deposit rating was downgraded by three notches to Ba3, with a negative outlook, from Baa3, and now incorporates one notch of uplift from Moody's assessment of parental support. This action is the combined result of: (i) the downgrade of ING México's standalone BCA to b1, from ba3, and (ii) the downgrade of the standalone BCA of its Dutch parent ING Bank, N.V. (ING Bank) to baa1, with a negative outlook, from a2.

The rating action on ING México also incorporates Moody's lower assessment of the probability of parental support incorporated into the subsidiary's ratings based on the diminished importance of the Mexican operation to ING Bank following the sale of non-bank operations in Mexico and elsewhere in Latin America. Moody's also believes that ING Bank's strategic focus is on its European operations, and as such its subsidiaries in Mexico have a limited strategic fit.

BANK OF AMERICA MÉXICO

BAMSA's long-term deposit rating was downgraded by one notch to Baa3, with a stable outlook, from Baa2, and now incorporates one notch of uplift from Moody's assessment of parental support. This action is the result of: (i) BAMSA's lower standalone BCA of ba1, from baa3, and (ii) the downgrade of the standalone BCA of its US parent Bank of America, N.A. to baa3, from baa2. BAMSA's short-term global scale ratings were downgraded to Prime-3, from Prime-2.

MERRILL LYNCH MÉXICO

Merrill Lynch México, S.A. (MLM)'s long-term Mexican National Scale issuer rating was downgraded by two notches to Aa3.mx, with a stable outlook, from Aa1.mx, and the short-term Mexican National Scale issuer rating was downgraded to MX-2, from MX-1. This action is the result of the downgrade of debt ratings of its US parent Merrill Lynch & Co., Inc. to Baa2, with a negative outlook, from Baa1. MLM is a direct subsidiary of Merrill Lynch International Holdings Inc.

DEUTSCHE BANK MÉXICO

Deutsche Bank México, S.A. (Deutsche Mexico)'s long-term deposit rating was downgraded by two notches to Baa2, with a stable outlook, from A3, and now incorporates three notches of uplift from Moody's assessment of parental support. This action is the result of the downgrade of the standalone BCA of its German parent Deutsche Bank AG to baa2, from a2.

BANCO CREDIT SUISSE MÉXICO

Banco Credit Suisse México, S.A. (Credit Suisse México)'s long-term deposit rating was downgraded by two notches to Baa1, a with stable outlook, from A2, and now incorporates three notches of uplift from Moody's assessment of parental support. This action is the result of the downgrade of the standalone BCA of its Swiss parent Credit Suisse AG to baa1, from aa3.

BARCLAYS BANK MÉXICO

Barclays Bank México, S.A. (Barclays México)'s long-term deposit rating was downgraded by one notch to Baa3, with a stable outlook, from Baa2, and now incorporates two notches of uplift from Moody's assessment of parental support. This action is the result of the downgrade of the standalone BCA of its UK parent Barclays Bank PLC to baa2, from a3.

CITI MÉXICO INVESTMENTS

Citi Mexico Investments, S. de R.L. de C.V. (Citi Mexico Investments, formerly Citi Structures México, S. de R.L. de C.V.)'s long-term secured debt rating was downgraded by two notches to Baa2, with a negative outlook, from A3. Citi México Investments's debt ratings are based on a guarantee provided by Citigroup Inc. This action is the result of the downgrade of its US parent Citigroup Inc. to Baa2, with a negative outlook, from A3.

DETAILED LIST OF RATINGS DOWNGRADED

BBVA Bancomer, S.A.

- Standalone bank financial strength rating to C-, from C+

- Long-term global local currency deposit rating to A2, from A1

- Long-term global local currency senior unsecured debt rating to A2, from A1

- Long-term global local currency senior unsecured debt program rating to (P)A2, from (P)A1

- Long-term global local currency subordinated debt rating to A3, from A2

- Long-term global local currency subordinated debt program rating to (P)A3, from (P)A2

All these ratings remain on review for downgrade.

Moody's has also made the following correction: removed a hybrid (hyb) indicator previously attached to the subordinated debt

BBVA Bancomer, S.A. Texas Agency

- Long-term foreign currency senior unsecured debt rating to A2, from A1

- Long-term foreign currency subordinated debt rating to A3, from A2

- Long-term foreign currency junior subordinated debt rating to Baa2(hyb), from A3(hyb)

All these ratings remain on review for downgrade.

BBVA Bancomer, S.A. Grand Cayman Branch

- Long-term foreign currency junior subordinated debt rating to Baa2(hyb), from A3(hyb)

The rating remains on review for downgrade.

Moody's has also made the following correction: attached a hybrid (hyb) indicator to the junior subordinated debt.

Casa de Bolsa BBVA Bancomer, S.A. de C.V.

- Long-term global local currency issuer rating to A2, from A1

This rating remains on review for downgrade.

Hipotecaria Nacional, S.A. de C.V.

- Long-term global local currency issuer rating to A3, from A2

This rating remains on review for downgrade.

Banco Nacional de México, S.A.

- Standalone bank financial strength rating to C-, from C+

Citi México Investments, S. de R.L. de C.V.

- Long-term global local currency senior debt rating to Baa2, from A3

- Long-term global local currency senior debt program rating to (P)Baa2, from (P)A3

- Long-term Mexican National Scale debt rating to Aa1.mx, from Aaa.mx

- Long-term Mexican National Scale provisional program debt rating to Aa1.mx, from Aaa.mx

All these ratings have a negative outlook.

Banco Santander (México), S.A.

- Standalone bank financial strength rating to C-, from C.

- Long-term global local currency deposit rating to A3, from A2

- Long-term global local currency senior unsecured debt rating to A3, from A2

- Long-term global local currency senior unsecured debt program rating to (P)A3, from (P)A2

- Long-term foreign currency senior unsecured debt program rating to (P)A3, from (P)A2

- Short-term global local currency deposit rating to Prime-2, from Prime-1

- Short-term global local currency debt program rating to (P)Prime-2, from (P)Prime-1

- Short-term global foreign currency debt program rating to (P)Prime-2, from (P)Prime-1

All these ratings have a stable outlook.

Casa de Bolsa Santander, S.A. de C.V.

- Long-term global local currency issuer rating to A3, from A2

- Short-term global local currency issuer rating to Prime-2, from Prime-1

All these ratings have a stable outlook.

Deutsche Bank México, S.A.

- Long-term global local currency deposit rating to Baa2, from A3

- Long-term foreign currency deposit rating to Baa2, from Baa1

- Long-term Mexican National Scale deposit rating to Aa1.mx, from Aaa.mx

All these ratings have a stable outlook.

Deutsche Securities México, S.A. de C.V.

- Long-term global local currency issuer rating to Baa2, from A3

- Long-term Mexican National Scale issuer rating to Aa1.mx, from Aaa.mx

All these ratings have a stable outlook.

Bank of America México, S.A.

- Long-term global local currency deposit rating to Baa3, from Baa2

- Long-term foreign currency deposit rating to Baa3, from Baa2

- Short-term global local currency deposit rating to Prime-3, from Prime-2

- Short-term foreign currency deposit rating to Prime-3, from Prime-2

- Long-term Mexican National Scale deposit rating to Aa2.mx, from Aa1.mx

- Long-term Mexican National Scale issuer rating to Aa2.mx, from Aa1.mx

All these ratings have a stable outlook.

Merrill Lynch México, S.A. de C.V., Casa de Bolsa

- Long-term Mexican National Scale issuer rating to Aa3.mx, from Aa1.mx

- Short-term Mexican National Scale issuer rating to MX-2, from MX-1

The outlook is stable.

Banco Credit Suisse México, S.A.

- Long-term global local currency deposit rating to Baa1, from A2

- Long-term global local currency program debt rating to (P)Baa1, from (P)A2

- Long-term foreign currency program debt rating to (P)Baa1, from (P)A2

All these ratings have a stable outlook.

Casa de Bolsa Credit Suisse México, S.A. de C.V.

- Long-term global local currency issuer rating to Baa1, from A2

This rating has a stable outlook.

Barclays Bank México, S.A.

- Long-term global local currency deposit rating to Baa3, from Baa2

- Long-term foreign currency deposit rating to Baa3, from Baa2

- Long-term Mexican National Scale deposit rating to Aa2.mx, from Aa1.mx

All these ratings have a stable outlook.

Barclays Capital Casa de Bolsa, S.A. de C.V.

- Long-term global local currency issuer rating to Baa3, from Baa2

- Long-term Mexican National Scale issuer rating to Aa2.mx, from Aa1.mx

All these ratings have a stable outlook.

ING Bank, S.A. (Mexico)

- Standalone bank financial strength rating to E+, from D-

- Long-term global local currency deposit rating to Ba3, from Baa3

- Long-term foreign currency deposit rating to Ba3, from Baa3

- Short-term global local currency deposit rating to Not Prime, from Prime-3

- Short-term foreign currency deposit rating to Not Prime, from Prime-3

- Long-term Mexican National Scale deposit rating to Baa1.mx, from Aa3.mx

- Short-term Mexican National Scale deposit rating to MX-3, from MX-2

The BFSR and all the long-term ratings have a negative outlook. All the short-term ratings have a stable outlook.

ING (México), S.A. C.V. Casa de Bolsa

- Long-term global local currency issuer rating to Ba3, from Baa3

- Short-term global local currency issuer rating to Not Prime, from Prime-3

- Long-term Mexican National Scale issuer rating to Baa1.mx, from Aa3.mx

- Short-term Mexican National Scale issuer rating to MX-3, from MX-2

The long-term ratings have a negative outlook. The short-term ratings have a stable outlook.

LIST OF RATINGS PLACED ON REVIEW FOR DOWNGRADE

BBVA Bancomer, S.A.

- Prime-1 global local currency deposit rating

Casa de Bolsa BBVA Bancomer, S.A. de C.V.

- Prime-1 global local currency issuer rating

LIST OF RATINGS CONFIRMED WITH A STABLE OUTLOOK

Banco Nacional de México, S.A.

- A2 long-term global local currency deposit rating

- A2 long-term global local currency senior unsecured debt rating

- (P)A2 long-term global local currency senior unsecured program debt rating

- (P)A2 long-term foreign currency senior unsecured program debt rating

Acciones y Valores Banamex, Casa de Bolsa, S.A.

- A2 long-term global local currency issuer rating

Citi México Investments, S. de R.L. de C.V.

- (P)Prime-2 short-term global local currency senior debt rating

Bank of America México, S.A.

- D+ bank financial strength rating

- MX-1 short-term Mexican National Scale deposit rating

Barclays Bank México, S.A.

- MX-1 short-term Mexican National Scale deposit rating

Barclays Capital Casa de Bolsa, S.A. de C.V.

- MX-1 short-term Mexican National Scale issuer rating

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143529 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

For additional information on bank ratings, please refer to the webpage containing Moody's related announcements http://www.moodys.com/bankratings2012

PRINCIPAL METHODOLOGIES

The methodologies used in these banks' ratings were Bank Financial Strength Ratings: Global Methodology, published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology, published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

LAST RATING ACTIONS

The last rating actions on BBVA Bancomer, S.A.; Banco Nacional de Mexico, S.A.; Banco Santander (México), S.A.; Deutsche Bank México, S.A.; Banco Credit Suisse México, S.A.; Barclays Bank México, S.A.; and Citi Mexico Investments, S. de R.L. de C.V.; Bank of America México, S.A., and Merrill Lynch México, S.A., were on 24 February 2012, when Moody's placed their ratings on review for downgrade.

The last rating action on Banco Santander (México), S.A. was on 15 March 2012, when Moody's placed its BFSR on review for downgrade.

The last rating actions on ING Bank, S.A. (Mexico) was on 17 May 2012, when Moody's downgraded the bank's ratings and paced them on review for further downgrade.

NATIONAL SCALE RATINGS

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in March 2011 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

The following Global Scale Credit Ratings are EU 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.

Banco Credit Suisse Mexico, S.A.

Banco Nacional de Mexico, S.A.

Banco Santander (Mexico), S.A.

BBVA Bancomer, S.A. Texas Agency

BBVA Bancomer, S.A., Grand Cayman Branch

Citi Mexico Investments S. de R.L. de C.V

Deutsche Bank Mexico, S.A.

ING Bank, S.A. (Mexico)

BBVA Bancomer, S.A.

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.

The ratings have been disclosed to the rated entities prior to public dissemination.

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

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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.

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.

The below contact information is provided for information purposes only. Please see the issuer page on www.moodys.com for Moody's regulatory disclosure of the name of the lead analyst and the office that has issued the credit rating.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com 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 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 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.

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 concludes review for downgrade on ten Mexican financial institutions
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