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Rating Action:

Moody's reviews ratings of Mexican financial institutions

 The document has been translated in other languages

04 Apr 2016

NOTE: On October 18, 2016, the press release was corrected as follows: In the debt list, under Banco Mercantil del Norte, S.A., in the fourth and sixth lines the ticker symbol BANORTE 08 was changed to BANORTE 08U and in the eighth and tenth lines the ticker symbol BANORTE 08U was changed to BANORTE 08. Revised release follows.

Mexico, April 04, 2016 -- Moody's de México placed on review for downgrade the global local and foreign currency deposit ratings and counterparty risk assessments assigned to 8 Mexican banks, as well as the senior unsecured debt ratings of 5 of those banks, the standalone baseline credit assessments (BCA) of 7 of them, and the subordinated debt ratings of 3 of them. At the same time, Moody's placed on review the ratings of 7 bank financial affiliates.

In addition, Moody's changed to negative the outlook on the global local and foreign currency issuer and debt ratings of Instituto para la Protección al Ahorro Bancario (IPAB) and 3 government development banks, and placed the BCAs of 2 of those development banks on review for downgrade.

Lastly, Moody's placed on review for downgrade the long-term Mexican National Scale deposit, issuer and senior and subordinated debt ratings of 15 entities, as applicable.

These rating actions follow Moody's decision to change the outlook of Mexico's A3 government bond rating to negative from stable on 31 March 2016. For additional information, please refer to the related press release: https://www.moodys.com/viewresearchdoc.aspx?docid=PR_344609. In conjunction with that, Moody's has revised Mexico's Macro Profile to Moderate +, from Strong -. The reviews will consider the impact of the revised Macro Profile on bank's financial profiles, in addition to Moody's assessment of the likelihood that banks will benefit from government support.

A detailed list of affected entities and ratings is provided below.

RATINGS RATIONALE

CHANGE IN MEXICO'S MACRO PROFILE

The change in the Macro Profile, which provides the context within which Mexican banks' financial profiles are assessed, reflects Mexico's weaker economic prospects and the increased risks this represents for its banks. A combination of the oil price shock and the slower than expected growth have undermined Mexico's economic outlook. The gradual softening of the US growth outlook, an economy to which Mexico is tied, has also had a dampening effect on growth. At the same time, the structural reforms adopted in 2013-14, though broad, are still in the process of being implemented and the ongoing implementation has not translated into a boost for domestic economic sentiment. Consequently, there is now a much lower likelihood that growth will accelerate; Moody's now forecasts only moderate growth of around 2.5% for 2016 and 2017. Despite the less favorable economic outlook, Moody's continues to view Mexico's credit conditions as a risk for banks, as the loan book continues to grow at more than twice the rate of nominal GDP, with expansion focused on particularly risky sectors such as consumer and SMEs.

REVIEW OF BASELINE CREDIT ASSESSMENTS

The review for downgrade of the BCAs of BBVA Bancomer, S.A., Banco Santander (México), S.A. (Santander México), Banco Mercantil del Norte (Banorte), HSBC México, S.A., Scotiabank Inverlat, S.A. (Scotiabank México), Banco Azteca, S.A. and Banco Interacciones, S.A. (Interacciones), will consider the banks' vulnerability to Mexico's weaker economic prospects, which may translate into rising asset risks and reduced business prospects. Consequently, these banks' current levels of capitalization and profitability may no longer be sufficient to support their current BCAs. Notwithstanding the bank's current very low level of nonperforming loans, asset risks at Interacciones are fueled by sizeable exposures to the ailing Pemex and its suppliers. Of Mexico's largest banks, only the BCA of Banco Nacional de México, S.A. (Banamex) is not currently under review for downgrade as it is well positioned at the baa2 level due to its strong capitalization.

REVIEW OF DEPOSIT AND SENIOR DEBT RATINGS

In addition to the outcome of the reviews of the banks' intrinsic financial strength, the reviews for downgrade of the global local and foreign currency deposit and senior debt ratings of BBVA Bancomer, Santander México, Banorte, Scotiabank México, and Banco Azteca, as well as that of Banamex, will also consider the willingness of the government to provide financial support to each of these banks should they face severe financial stress, taking into consideration the individual banks' deposit market shares, reliance on wholesale funding, and ownership. Although Moody's continues to regard the Mexican government as generally having a high willingness to support systemically-important financial institutions given a history of actions taken to maintain banking system stability and investor confidence, the rising pressures facing the government's financial profile coupled with the increasing likelihood that it will have to provide support to Petróleos Mexicanos (Pemex, b3/Baa3 negative) given liquidity pressures at the state-owned oil producer, may reduce both the government's capacity and willingness to support the country's banks at the same time.

REVIEW OF SUBORDINATED DEBT RATINGS, COUNTERPARTY RISK ASSESSMENTS, BANK AFFILIATE RATINGS, AND NATIONAL SCALE RATINGS

Moody's also placed on review for downgrade banks' subordinated debt ratings, junior subordinated debt ratings and counterparty risk assessments (CR Assessment), in line with review for downgrade initiated on those banks' BCAs. The ratings of subordinated and junior subordinated debt are notched off the corresponding bank's adjusted BCA, which considers the bank's standalone credit profile and incorporates the probability of affiliate support. As such, Moody's placed on review for downgrade the subordinated debt ratings of BBVA Bancomer, Banorte and HSBC México, and the junior subordinated debt ratings of Banorte and HSBC México, as well as the CR Assessments of BBVA Bancomer, Banamex, Santander México, Banorte, HSBC México, Scotiabank México, Banco Azteca and Interacciones.

The global local currency issuer ratings of Casa de Bolsa BBVA Bancomer S.A. de C.V., Hipotecaria Nacional, S.A. de C.V., Casa de Bolsa Santander, S.A. de C.V., Arrendadora y Factor Banorte, S.A. de C.V., HSBC Casa de Bolsa, S.A. de C.V., and Scotia Inverlat Casa de Bolsa, S.A. de C.V., were also placed under review for downgrade because of the reviews on the adjusted BCAs of the banks with which they are affiliated, and upon which they are highly dependent. These bank affiliates' ratings reflect Moody's assessment of a very high probability of support from their affiliated banks.

As applicable, the long-term Mexican National Scale deposit, issuer, senior debt, and subordinated and junior subordinated ratings were placed on review because the corresponding ratings from which they are derived, namely global local currency deposit and issuer ratings, and BCAs or adjusted BCAs were also placed on review for downgrade.

RATING ACTIONS ON GOVERNMENT RELATED ISSUERS

Lastly, Moody's changed the outlooks of Nacional Financiera, S.N.C. (Nafin), Banco Nacional de Obras y Servicios Públicos, S.N.C. (Banobras), Banco Nacional de Comercio Exterior, S.N.C. (Bancomext), and IPAB to negative from stable, and also placed the BCAs of Banobras and Bancomext on review for downgrade.

IPAB's rating and outlook directly reflect the government's A3 rating and negative outlook. IPAB benefits from implicit backing from the government that covers the deposit insurer's obligations. The negative outlook on ratings of Nafin, Banobras and Bancomext also reflects the negative outlook on Mexico's sovereign bond rating. The ratings of these government related issuers (GRI) take into account the very high likelihood that the Mexican government will provide extraordinary financial support in case of financial stress. Our assessment of government support takes into account statutory support from the Mexican government that commits the government to fulfil the banks' financial obligations. This statutory support reflects these GRIs' status as arms of the government with specific public policy roles to promote strategic priorities for the government.

At the same time, Moody's placed on review for downgrade the standalone BCAs of Banobras (ba1) and Bancomext (ba2) to consider both their susceptibility to the country's weakening growth prospects, as well as these GRIs' increasing exposure to Pemex. Notwithstanding the very high probability that it will receive government support if necessary, Moody's perceives a material difference in the creditworthiness of Pemex and the government.

Given Pemex's current grim operating and financial situation and weak liquidity position, Moody's believes that there will be mounting pressure from the government on these GRIs to extend even more credit to the oil company. Arguably, the government is already using these banks to support Pemex on its behalf, at a time when the banks are already under significant pressure to significantly raise private-sector lending to boost the economy. Given the very high probability of government support, however, Banobras' and Bancomext's issuer ratings would not be affected even if their BCAs were downgraded.

In contrast, Nafin's standalone BCA of ba1 was not affected by today's action because even though it is also being called to support Pemex, its exposure is mainly to banks and other types of financial institutions, which could help the bank more efficiently shield its balance sheet against deterioration.

WHAT COULD CHANGE THE RATINGS -- UP OR DOWN

The ratings of the affected privately-owned banks, excluding Banamex, will face downward pressure if Moody's concludes that their financial profiles face greater risk of deterioration due to Mexico's less favorable operating environment, and that the probability of government support for these banks is not sufficient to offset any increase in their standalone risk profiles. The ratings of Banamex, Scotiabank México and Banco Azteca could also face downward pressure if Moody's determines that the government's willingness to support these banks has diminished. The deposit ratings of BBVA Bancomer, Banamex, Santander México, Banorte, and Scotiabank México, as well as the issuer ratings of IPAB and the government development banks, could also be lowered if Mexico's government bond ratings are downgraded.

LIST OF ALL AFFECTED RATINGS

The following ratings were placed on review for downgrade:

- BBVA Bancomer, S.A.

Long-term global local currency deposit rating of A3

Long-term foreign currency deposit rating of A3

Long-term Mexican National Scale deposit rating of Aaa.mx

Long-term global local currency senior unsecured debt rating of A3 (BCM0001 06, BACOMER 07U, BACOMER 10, BACOMER 10U, BACOMER 15)

Long-term global local currency senior unsecured MTN debt program rating of (P)A3

Long-term Mexican National Scale senior unsecured debt rating of Aaa.mx (BCM0001 06, BACOMER 07U, BACOMER 10, BACOMER 10U, BACOMER 15)

Long-term Mexican National Scale senior unsecured MTN debt program rating of Aaa.mx

Long-term global local currency subordinated MTN debt program rating of (P)Baa2

Long-term Mexican National Scale subordinated MTN debt program rating of Aa1.mx

Baseline credit assessment of baa1

Adjusted baseline credit assessment of baa1

Long-term counterparty risk assessment of A2(cr)

Short-term counterparty risk assessment of Prime-1(cr)

Overall rating outlook: Review for downgrade

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

Long-term global local currency issuer rating of Baa1

Long-term Mexican National Scale issuer rating of Aaa.mx

Overall rating outlook: Review for downgrade

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

Long-term global local currency issuer rating of Baa1

Long-term Mexican National Scale issuer rating of Aaa.mx

Overall rating outlook: Review for downgrade

- Banco Nacional de México, S.A.

Long-term global local currency deposit rating of A3

Long-term foreign currency deposit rating of A3

Long-term Mexican National Scale deposit rating of Aaa.mx

Long-term global local currency senior unsecured debt rating of A3 (BANAMEX 10, BANAMEX 10-2)

Long-term global local currency senior unsecured MTN debt program rating of at (P)A3

Long-term Mexican National Scale senior unsecured debt rating of Aaa.mx (BANAMEX 10, BANAMEX 10-2)

Long-term Mexican National Scale senior unsecured MTN debt program rating of Aaa.mx

Long-term counterparty risk assessment of A2(cr)

Short-term counterparty risk assessment of Prime-1(cr)

Overall rating outlook: Review for downgrade

- Banco Santander (México), S.A.

Long-term global local currency deposit rating of A3

Long-term foreign currency deposit rating of A3

Long-term Mexican National Scale deposit rating of Aaa.mx

Long-term global local currency senior unsecured debt rating of A3 (BSANT 11-3, BSANT 11-4, BSANT 15, BSANT 16)

Long-term Mexican National Scale senior unsecured debt rating of Aaa.mx (BSANT 11-3, BSANT 11-4, BSANT 15, BSANT 16)

Baseline credit assessment of baa1

Adjusted baseline credit assessment of baa1

Long-term counterparty risk assessment of A2(cr)

Short-term counterparty risk assessment of Prime-1(cr)

Overall rating outlook: Review for downgrade

-- Santander Vivienda, S.A. de C.V., SOFOM, E.R.

Long-term global local currency senior unsecured debt rating of A3 (HICOAM 07)

Long-term Mexican National Scale senior unsecured debt rating of Aaa.mx (HICOAM 07)

Overall rating outlook: Review for downgrade

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

Long-term global local currency issuer rating of Baa1

Long-term Mexican National Scale issuer rating of Aaa.mx

Overall rating outlook: Review for downgrade

- Banco Mercantil del Norte, S.A.

Long-term global local currency deposit rating of A3

Long-term foreign currency deposit rating of A3

Long-term Mexican National Scale deposit rating of Aaa.mx

Long-term global local currency subordinated debt rating of Baa2 (BANORTE 08U, BANORTE 08-2, BANORTE 09, BANORTE 12)

Long-term global local currency subordinated MTN debt program rating of (P)Baa2

Long-term Mexican National Scale subordinated debt rating of Aa1.mx (BANORTE 08U, BANORTE 08-2, BANORTE 09, BANORTE 12)

Long-term Mexican National Scale subordinated MTN debt program rating of Aa1.mx

Long-term global local currency junior subordinated debt rating of Baa3 (hyb) (BANORTE 08)

Long-term global local currency junior subordinated MTN debt program rating of (P)Baa3

Long-term Mexican National Scale junior subordinated debt rating of Aa2.mx (hyb) (BANORTE 08)

Long-term Mexican National Scale junior subordinated MTN debt program rating of Aa2.mx

Baseline credit assessment of baa1

Adjusted baseline credit assessment of baa1

Long-term counterparty risk assessment of A2(cr)

Short-term counterparty risk assessment of Prime-1(cr)

Overall rating outlook: Review for downgrade

--- Arrendadora y Factor Banorte, S.A. de C.V.

Long-term global local currency issuer rating of Baa1

Long-term Mexican National Scale issuer rating of Aaa.mx

Long-term global local currency senior unsecured MTN debt program rating of (P)Baa1

Long-term Mexican National Scale senior unsecured MTN debt program rating of at Aaa.mx

Overall rating outlook: Review for downgrade

- HSBC Mexico, S.A.

Long-term global local currency deposit rating of A2

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

Long-term foreign currency deposit rating of A3

Long-term Mexican National Scale deposit rating of Aaa.mx

Long-term global local currency senior unsecured debt rating of A2 (HSBC 13, HSBC 13-2)

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

Short-term global local currency senior unsecured MTN debt program rating of (P)Prime-1

Long-term Mexican National Scale senior unsecured debt rating of Aaa.mx (HSBC 13, HSBC 13-2)

Long-term Mexican National Scale senior unsecured MTN debt program rating of Aaa.mx

Long-term global local currency subordinated debt rating of A3 (HSBC 08, HSBC 08-2, HSBC 09D)

Long-term global local currency subordinated MTN debt program rating of (P)A3

Long-term Mexican National Scale subordinated debt rating of Aaa.mx (HSBC 08, HSBC 08-2, HSBC 09D)

Long-term Mexican National Scale subordinated MTN debt program rating of Aaa.mx

Long-term global local currency junior subordinated MTN debt program rating of (P)Baa1

Long-term Mexican National Scale junior subordinated MTN debt program rating of Aaa.mx

Baseline credit assessment of baa3

Adjusted baseline credit assessment of a2

Long-term counterparty risk assessment of A1(cr)

Overall rating outlook: Review for downgrade

--- HSBC Casa de Bolsa, S.A. de C.V.

Long-term global local currency issuer rating: of A2

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

Long-term Mexican National Scale issuer rating of Aaa.mx

Overall rating outlook: Review for downgrade

- Scotiabank Inverlat, S.A.

Long-term global local currency deposit rating of A3

Long-term foreign currency deposit rating of A3

Long-term Mexican National Scale deposit rating of Aaa.mx

Baseline credit assessment of baa2

Adjusted baseline credit assessment of baa1

Long-term counterparty risk assessment of A3(cr)

Overall rating outlook: Review for downgrade

--- Scotia Inverlat Casa de Bolsa, S.A. de C.V.

Long-term global local currency issuer rating of Baa1

Long-term Mexican National Scale issuer rating of Aaa.mx

Overall rating outlook: Review for downgrade

- Banco Azteca, S.A.

Long-term global local currency deposit rating of Ba1

Long-term foreign currency deposit rating of Ba1

Long-term Mexican National Scale deposit rating of Aa3.mx

Short-term Mexican National Scale deposit rating of MX-2

Baseline credit assessment of ba3

Adjusted baseline credit assessment of ba3

Long-term counterparty risk assessment of Baa3(cr)

Short-term counterparty risk assessment of Prime-3(cr)

Overall rating outlook: Review for downgrade

- Banco Interacciones, S.A.

Long-term global local currency deposit rating of Ba1

Long-term foreign currency deposit rating of Ba1

Long-term Mexican National Scale deposit rating of A1.mx

Long-term global local currency senior unsecured debt rating of Ba1 (BINTER 15, BINTER 15-2, BINTER 16)

Long-term Mexican National Scale senior unsecured debt rating of A1.mx (BINTER 15, BINTER 15-2, BINTER 16)

Baseline credit assessment of ba2

Adjusted baseline credit assessment of ba2

Long-term counterparty risk assessment of Baa3(cr)

Short-term counterparty risk assessment of Prime-3(cr)

Overall rating outlook: Review for downgrade

The following assessments were placed on review for downgrade:

- Banco Nacional de Obras y Servicios Publicos, S.N.C.

Baseline credit assessment of ba1

Adjusted baseline credit assessment of ba1

- Banco Nacional de Comercio Exterior, S.N.C.

Baseline credit assessment of ba2

Adjusted baseline credit assessment of ba2

- The following ratings were affirmed and their outlooks were changed to negative from stable

- Banco Nacional de Obras y Servicios Publicos, S.N.C.

Long-term global local currency issuer rating of A3

Long-term foreign currency issuer rating of A3

Long-term global local currency senior unsecured debt rating of A3 (BANOB 11U, BANOB 11-2, BANOB 11-3, BANOB 12, BANOB 13, BANOB 13-2, BANOB 13-3, BANOB 14, BANOB 14-2)

Long-term global local currency backed senior unsecured debt rating of A3

Overall rating outlook: Negative (m)

- Banco Nacional de Comercio Exterior, S.N.C.

Long-term global local currency issuer rating of A3

Long-term foreign currency issuer rating of A3

Long-term global local currency senior unsecured debt rating of A3 (BACMEXT 12-2, BACMEXT 12-3, BACMEXT 13, BACMEXT 14)

Overall rating outlook: Negative (m)

- Nacional Financiera, S.N.C.

Long-term global local currency issuer rating of A3

Long-term foreign currency issuer rating of A3

Overall rating outlook: Negative

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

Long-term global local currency issuer rating of A3

Long-term foreign currency issuer rating of A3

Overall rating outlook: Negative

The principal methodology used in rating BBVA Bancomer, S.A., Banco Nacional de Mexico, S.A., Banco Santander (Mexico), S.A., Banco Mercantil del Norte, S.A., HSBC Mexico, S.A., Scotiabank Inverlat S.A., Banco Azteca, S.A., and Banco Interacciones, S.A. was Banks published in January 2016. The principal methodology used in rating Casa de Bolsa BBVA Bancomer S.A. de C.V., Casa de Bolsa Santander, S.A. de C.V., HSBC Casa de Bolsa, S.A. de C.V., and Scotia Inverlat Casa de Bolsa, S.A. de C.V. was Global Securities Industry Methodology published in May 2013. The principal methodology used in rating Santander Vivienda, S.A. de C.V., SOFOM, E.R., Hipotecaria Nacional S.A. de C.V., and Arrendadora y Factor Banorte, S.A. de C.V. was Finance Companies published in October 2015. The principal methodology used in rating Banco Nacional de Comercio Exterior, S.N.C., Nacional Financiera, S.N.C., Instit.para la Protec.al Ahorro Bancario, and Banco Nacional de Obras y Servicios Publicos was Government-Related Issuers published in October 2014. Please see the Ratings Methodologies page on www.moodys.com.mx for a copy of these methodologies.

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 ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

BBVA Bancomer is headquartered in Mexico City, Mexico and reported MXN1,698 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of December 2015.

Banamex is headquartered in Mexico City, Mexico and reported MXN1,149 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of December 2015.

Santander México is headquartered in Mexico City, Mexico and reported MXN1,164 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of December 2015.

Banorte is headquartered in Mexico City, Mexico and reported MXN893 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of December 2015.

HSBC México is headquartered in Mexico City, Mexico and reported MXN560 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of December 2015.

Scotiabank México is headquartered in Mexico City, Mexico and reported MXN342 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of December 2015.

Interacciones is headquartered in Mexico City, Mexico and reported MXN182 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of December 2015.

Banco Azteca is headquartered in Mexico City, Mexico and reported MXN120 billion in assets (source: Comisión Nacional Bancaria y de Valores), as of December 2015.

Nafin is headquartered in Mexico City, Mexico and reported MXN385 billion in assets (source: Comisión Nacional Bancaria y de Valores, CNBV), as of December 2015.

Banobras is headquartered in Mexico City, Mexico and reported MXN642 billion in assets (source: Comisión Nacional Bancaria y de Valores, CNBV), as of December 2015.

Bancomext is headquartered in Mexico City, Mexico and reported MXN321 billion in assets (source: Comisión Nacional Bancaria y de Valores, CNBV), as of December 2015.

IPAB is headquartered in Mexico City, Mexico and reported MXN949 million in assets (source: IPAB), as of December 2015.

The period of time covered in the financial information used to determine the ratings is between 1 January 2011 and 31 December 2015 (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 2014 and 2015 interim financial statements (source: Moody's and Issuers' financial statements); year-end 2014 and 2015 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 entities 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 Rating Action for BBVA Bancomer, S.A. was 23/September/2015.

The date of the last Rating Action for Banco Nacional de Mexico, S.A. was 05/June/2015.

The date of the last Rating Action for Banco Santander (Mexico), S.A. was 11/March/2016.

The date of the last Rating Action for Banco Mercantil del Norte, S.A. was 05/June/2015.

The date of the last Rating Action for HSBC Mexico, S.A. was 11/September/2015.

The date of the last Rating Action for Scotiabank Inverlat S.A. was 02/February/2016.

The date of the last Rating Action for Banco Azteca, S.A. was 05/June/2015.

The date of the last Rating Action for Banco Interacciones, S.A. was 25/February/2016.

The date of the last Rating Action for Casa de Bolsa BBVA Bancomer S.A. de C.V. was 05/June/2015.

The date of the last Rating Action for Hipotecaria Nacional S.A. de C.V. was 05/June/2015.

The date of the last Rating Action for Casa de Bolsa Santander, S.A. de C.V. was 05/June/2015.

The date of the last Rating Action for HSBC Casa de Bolsa, S.A. de C.V. was 11/September/2015.

The date of the last Rating Action for Scotia Inverlat Casa de Bolsa, S.A. de C.V. was 02/February/2016.

The date of the last Rating Action for Santander Vivienda, S.A. de C.V., SOFOM, E.R. was 16/July/2014.

The date of the last Rating Action for Arrendadora y Factor Banorte, S.A. de C.V. was 05/June/2015.

The date of the last Rating Action for Banco Nacional de Comercio Exterior, S.N.C. was 10/November/2015.

The date of the last Rating Action for Nacional Financiera, S.N.C. was 07/October/2015.

The date of the last Rating Action for Instit.para la Protec.al Ahorro Bancario was 05/June/2015.

The date of the last Rating Action for Banco Nacional de Obras y Servicios Publicos was 10/November/2015.

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

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

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.

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

M. Celina Vansetti
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

No Related Data.
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