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
