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PLEASE READ AND SCROLL DOWN!

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Rating Action:

Moody's reviews for downgrade the ratings of three Mexican banks and the IPAB

 The document has been translated in other languages

06 Mar 2015

Mexico, March 06, 2015 -- Moody's de México today placed on review for downgrade the long-term and short-term global local currency (GLC) deposit and debt ratings of BBVA Bancomer, S.A., Banco Mercantil del Norte, S.A. (Banorte) and Scotiabank Inverlat, S.A. (Scotiabank México), and the long-term and short-term issuer ratings of the Instituto para la Protección al Ahorro Bancario, Organismo Descentralizado de la Administración Pública Federal (IPAB).

A detailed list of ratings affected is provided below.

RATINGS RATIONALE

The review for downgrade on BBVA Bancomer, Banorte and Scotiabank México's GLC deposit and senior debt ratings and the IPAB's GLC issuer ratings will entail a reassessment of the systemic support assumptions that Moody's incorporates into their ratings.

Currently, the ratings of these entities are positioned above the Mexican sovereign rating, reflecting a recognition of the extensive policy tools available to the central bank and other financial authorities to support domestic banks and the IPAB even in the event of a sovereign crisis, such as the provision of liquidity or regulatory forbearance. However, based on insights gained form historical experiences, Moody's considers that when a crisis is prolonged, these measures remain insufficient to restore confidence to the system and an outright recapitalization of financial entities is necessary. "As such, we expect that the outcome of the review will align these entities' supported ratings with the sovereign rating, as this rating better captures a government's fiscal limitations and, therefore, its ultimate capacity to provide support" Moody's analyst David Olivares indicated.

This review does not reflect any change in our opinion of the banks' or the Mexican sovereign's fundamental credit profiles, Olivares added.

The following ratings of were placed on review for downgrade:

BBVA Bancomer, S.A.

- Long-term global local currency deposit rating of A2

- Short-term global local currency deposit rating of Prime-1

- Long-term global local currency senior unsecured debt rating of A2

- Long-term global local currency senior unsecured MTN debt rating of (P)A2

Banco Mercantil del Norte, S.A.

- Long-term global local currency deposit rating of A2

- Short-term global local currency deposit rating of Prime-1

Scotiabank Inverlat, S.A.

- Long-term global local currency deposit rating of A2

- Short-term global local currency deposit rating of Prime-1

Instituto para la Protección al Ahorro Bancario, Organismo Descentralizado de la Administración Pública Federal

- Long-term global local currency issuer rating of A2

- Short-term global local currency issuer rating of Prime-1

The principal methodology used in rating BBVA Bancomer, Banorte and Scotiabank México was Global Banks published in July 2014. The principal methodology used in rating IPAB was Government-Related Issuers published in October 2014. Please see the Credit Policy page on www.moodys.com.mx for a copy of this methodology.

BBVA Bancomer is headquartered in Mexico City, Mexico and reported MXN1,537 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of year-end 2014.

Banorte is headquartered in Mexico City, Mexico and reported MXN852 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of year-end 2014.

Scotiabank México is headquartered in Mexico City, Mexico and reported MXN290 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of year-end 2014.

IPAB is headquartered in Mexico City, Mexico and reported MXN931 billion in assets (source: IPAB), as of September 2014.

The period of time covered in the financial information used to determine the ratings is between 1 January 2011 and 30 September 2014 (source: Moody's, Issuers' financial statements, Comisión Nacional Bancaria y de Valores and Banco de México).

The sources and items of information used to determine the ratings include 2013 and 2014 interim financial statements (source: Moody's and Issuers' financial statements); year-end 2012 and 2013 audited financial statements (source: Moody's and Issuers' annual audited financial statements); information on market position (source: Comisión Nacional Bancaria y de Valores); regulatory capital information (source: Banco de México).

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.

The date of the last Credit Rating Action for BBVA Bancomer, S.A. was 27/02/2015

The date of the last Credit Rating Action for Banco Mercantil del Norte, S.A. was 24/05/2014

The date of the last Credit Rating Action for Scotiabank Inverlat, S.A. was 11/06/2014

The date of the last Credit Rating Action for Instituto para la Protección al Ahorro Bancario was 12/02/2014

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.

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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

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 reviews for downgrade the ratings of three Mexican banks and the IPAB
No Related Data.
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