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Rating Action:

Moody's rates MX-1 Santander Consumo's proposed short term commercial paper program

 The document has been translated in other languages

07 Aug 2014

Mexico, August 07, 2014 -- Moody's de México has today assigned a Prime-2 short-term global local currency debt rating to Santander Consumo, S.A. de C.V., Sociedad Financiera de Objeto Múltiple, Entidad Regulada's (Santander Consumo) proposed short-term commercial paper program for up to MXN5 billion. At the same time, Moody's assigned a short-term Mexican National Scale debt rating of MX-1 to the proposed issuance. The outlook on the assigned ratings is stable.

Moody's also assigned a standalone baseline credit assessment (BCA) of ba3 to Santander Consumo.

The following ratings were assigned to Santander Consumo's proposed short-term commercial paper program for up to MXN5 billion, with a stable outlook:

Short-term global local currency senior debt rating: Prime-2

Short-term Mexican National Scale senior debt rating: MX-1

RATINGS RATIONALE

The debt ratings for Santander Consumo are based on Moody's assessment of full support from Banco Santander (México), S.A. (Santander México, A3/Prime-2 stable, C-/baa1 positive) to its consumer subsidiary in line with its 99.99% ownership, full reliance on parent bank funding, high degree of integration into its parent bank's business lines, customer and product strategy, and importance to the bank's consumer franchise.

Santander Consumo is an inextricable line of business of Santander México. In addition to funding, the finance company depends on its parent bank for infrastructure, staff, risk management and its customer base. In turn, Santander Consumo's MXN55.1 billion portfolio of credit card and general consumer loans is an integral part of Santander México's product strategy and represents a substantial 78.7% of its consolidated consumer lending book, as of March 2014. Santander México is the third largest consumer finance bank in the country.

According to Moody's analyst Felipe Carvallo, "Santander Consumo's standalone BCA of ba3 reflects its dependence on its parent coupled with its monoline focus as well as strong capitalization and profitability." The finance company's nonperforming loan ratio of 3.9% is not excessively high despite its focus on a higher risk product such as credit cards. In addition, Santander Consumo maintains ample loan loss reserves and strong capital levels, as a second line of defense against loan losses.

While it records high write-offs, Santander Consumo is comfortably able to absorb these as a result of an ample net interest margin (NIM); as of March 2014, its NIM was 20.1%, according to Moody's calculations. Santander Consumo's NIM benefits from the high interest rates charged on credit cards and the cheap financing offered by its parent-bank. The ample NIM supports strong profitability, as exhibited by net income as a percent of total managed assets of 6.4%, as of March 2014.

Funding from Santander México currently represents 70.4% of the finance company's total assets, as of March 2014. However, we expect Santander Consumo's market funding to gradually increase beginning with the current issuance given restrictions on the parent bank's ability to provide additional funding directly due to regulatory limits for related party lending. In turn, this could drive higher funding costs in this portion of funding and reduce profitability, according to the rating agency.

The principal methodology used in this rating was Finance Company Global Ratings Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com.mx for a copy of this methodology.

Moody's National Scale Credit 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 credit 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 credit ratings, please refer to Moody's Credit rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Credit Ratings to Global Scale Credit Ratings".

The period of time covered in the financial information used to determine Santander Consumo's rating is between 01 Jan 2011 and 31 Mar 2014 (source: Moody's and Issuers' financial statements).

The sources and items of information used to determine the rating include 2014 interim financial statements (source: Moody's and Issuers' financial statements); year-end 2011, 2012 and 2013 audited financial statements (source: Moody's and Issuers' annual audited financial statements).

Santander Consumo is domiciled in Mexico City, Mexico and reported MXN56.2 billion in assets, MXN55.1 billion in gross loans, MXN10.2 billion in shareholders' equity and MXN882.5 million in net income (source: Issuers' financial statements), as of 31 March 2014.

REGULATORY DISCLOSURES

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 information.

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

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.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.mx.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

In compliance with regulatory requirements, Moody's de México has been informed by Santander Consumo that as of the end of the two-month period prior to the date hereof, Fitch Ratings assigned ratings of 'AAA(mex)' and 'F1+(mex)' on the same securities referred to in this press release.

This Rating is subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de México S.A. de C.V accepting any liability as a result.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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 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 our website www.moodys.com.mx for further information.

Please see www.moodys.com.mx 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.

Please see the ratings tab on the issuer/entity page on www.moodys.com.mx for additional regulatory disclosures for each credit rating.

Felipe Carvallo
Vice President - Senior Analyst
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 rates MX-1 Santander Consumo's proposed short term commercial paper program
No Related Data.
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