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Rating Action:

Moody's takes rating actions on Mexican banks

 The document has been translated in other languages

12 Feb 2014

Mexico, February 12, 2014 -- Moody's de México today placed on review for upgrade Banco Nacional de México, S.A.'s (Banamex) C- standalone bank financial strength rating (BFSR), which maps to a baa1 standalone baseline credit assessment (BCA) and Banco Mercantil del Norte, S.A.'s (Banorte) C- standalone BFSR, which maps to a baa2 standalone BCA.

Moody's also changed to positive from stable the outlook on BBVA Bancomer, S.A.'s (BBVA Bancomer) and Banco Santander (México), S.A.'s (Santander México) standalone BFSRs of C-, both of which map to standalone BCAs of baa1.

Following the rating actions on bank standalone ratings, Moody's changed the outlook to positive, from stable, on BBVA Bancomer's long-term local currency Baa2 subordinated debt ratings. The outlook on BBVA Bancomer's long-term Mexican national scale subordinated debt ratings was also changed to positive.

Finally, Banorte's long-term local currency Baa3 subordinated debt ratings, as well as the bank's long-term local currency Ba1 (hyb) junior subordinated debt ratings, were placed on review for upgrade, together with the long-term Mexican national scale subordinated and junior subordinated debt ratings.

A detailed list of these rating actions is provided below.

At the same time, Moody's upgraded to A3, from Baa1, the ratings of three government-related issuers (GRIs), including Banco Nacional de Comercio Exterior, S.N.C. (Bancomext) Banco Nacional de Obras y Servicios Públicos, S.N.C. (Banobras) and Sociedad Hipotecaria Federal, S.N.C. (SHF).

The long-term local currency issuer and debt ratings of Bancomext, Banobras and SHF were upgraded to A3, from Baa1. The outlook on all the ratings remains stable.

The rating actions follow Moody's upgrade to A3, from Baa1 of Mexico's government bond ratings and country ceilings. For details on this rating action please refer to Moody's press release "Moody's upgrades Mexico's sovereign rating to A3 from Baa1; stable outlook", dated 5 February 2014.

The Following Ratings Were Upgraded:

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

- Long-term local currency issuer rating: Upgrade to A3 from Baa1

- Long-term local currency debt rating: Upgrade to A3 from Baa1

- Outlook: Stable

Banco Nacional de Obras y Servicios Públicos, S.N.C.

- Long-term local currency issuer rating: Upgrade to A3 from Baa1

- Long-term local currency debt rating: Upgrade to A3 from Baa1

- Outlook: Stable

Sociedad Hipotecaria Federal, S.N.C.

- Long-term local currency issuer rating: Upgrade to A3 from Baa1

- Long-term local currency debt rating: Upgrade to A3 from Baa1

- Outlook: Stable

The Following Ratings were Placed on Review for Upgrade:

Banco Nacional de México, S.A.

- Bank financial strength rating of C-, mapping to a baseline credit assessment of baa1

Banco Mercantil del Norte, S.A.

- Bank financial strength rating of C-, mapping to a baseline credit assessment of baa2

- Long-term local currency subordinated debt rating of Baa3

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

- Mexican National Scale long term subordinated debt and debt program ratings of Aa2.mx

- Long-term local currency junior subordinated debt rating of Ba1 (hyb)

- Long-term local currency junior subordinated debt program rating of (P)Ba1

- Mexican National Scale long term junior subordinated debt rating of Aa3.mx (hyb)

- Mexican National Scale long term junior subordinated debt program rating of Aa3.mx

The Following Ratings were affirmed, Outlook Changed to Positive, from Stable:

BBVA Bancomer, S.A.

- Bank financial strength rating of C-, mapping to a baseline credit assessment of baa1, outlook changed to positive, from stable

- Long-term local currency subordinated debt rating of Baa2, outlook changed to positive, from stable

- Long-term local currency subordinated debt program rating of (P)Baa2, outlook changed to positive, from stable

- Mexican National Scale long-term subordinated debt and debt program ratings of Aa1.mx, outlook changed to positive, from stable

- Overall rating outlook: Stable(m)

Banco Santander (México), S.A.

- Bank financial strength rating of C-, mapping to a baseline credit assessment of baa1, outlook changed to positive, from stable

- Overall rating outlook: Stable(m)

RATINGS RATIONALE

UPGRADE OF GOVERNMENT RELATED ISSUER RATINGS

In upgrading the long-term local currency issuer and debt ratings of Bancomext, Banobras and SHF to A3, from Baa1, Moody's noted that these ratings are based on the Mexican government's irrevocable and enforceable guarantee on these development banks' obligations with third parties as established under their Organic Laws. The upgrades reflect the alignment of these banks' ratings to those of the Mexican government.

REVIEW FOR UPGRADE OF BANAMEX AND BANORTE STANDALONE RATINGS

The review for upgrade of Banamex's and Banorte's standalone financial strength rating will evaluate the prospects for these banks' franchise and financial performance in the context of Mexico's higher expected investment and growth potential that the improving operating environment entails. Moreover, we expect medium to longer-term benefits of the financial reform to positively affect banks' earnings and asset quality prospects.

Moody's review of Banamex's rating will focus on the bank's ability to maintain sound capitalization and core earnings generation as business volumes increase in line with the improving Mexican operating environment. Banamex enters this expansion period supported by asset quality and reserves that are superior to those of its Mexican peers; the review will also consider growth prospects and the bank's ability to maintain core customer funding and margins.

During the review of Banorte's standalone ratings, Moody's will re-evaluate the earnings generation potential of its more diversified franchise, following the consolidation of its various recent acquisitions, relative to its peers. The review will also focus on the bank's opportunities for growth and its effects on capitalization and asset quality, in light of Mexico's improving economic prospects.

CHANGE OF OUTLOOK TO POSITIVE FROM STABLE OF BBVA BANCOMER AND SANTANDER MÉXICO STANDALONE RATINGS

In changing the outlook on BBVA Bancomer's and Santander México's standalone ratings to positive from stable, Moody's took into account the banks' perspectives for future franchise development in an environment that will offer improved business opportunities as a result of the recent reforms and resulting boost to economic activity. The outlook change incorporates the expectations that these banks' will benefit from higher economic growth and the positive effects of the financial reforms.

SUBORDINATED AND JUNIOR SUBORDINATED DEBT RATINGS

Moody's placed Banorte's subordinated and junior subordinated debt ratings on review for upgrade because these ratings are anchored on the bank's adjusted baseline credit assessment (Adjusted BCA). The Adjusted BCA reflects the bank's intrinsic financial strength (BCA) and Moody's assessment of the probability of parental support, as applicable. The review for upgrade on the bank's subordinated and junior subordinated debt ratings reflects the fact that Banorte's C- BFSR is on review for upgrade and this potentially could derive in a higher BCA/Adjusted BCA.

Similarly, the positive outlook on BBVA Bancomer's subordinated debt ratings reflect the positive outlook on this bank's standalone BFSR/standalone BCA. The standalone BCA of BBVA Bancomer is at the same level as its Adjusted BCA given that Moody's does not incorporate parental support assumptions on this bank's ratings because the standalone rating of the parent bank is below that of its Mexican subsidiary.

The principal methodology used in rating BBVA Bancomer, S.A., Banco Nacional de México, S.A., Banco Santander (México), S.A., and Banco Mercantil del Norte, S.A., was Global Banks published in May 2013. The principal methodology used in rating Banco Nacional de Comercio Exterior, S.N.C., Banco Nacional de Obras y Servicios Públicos, and Sociedad Hipotecaria Federal, S.N.C. was Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com.mx for a copy of these methodologies.

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 México. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

BBVA Bancomer is headquartered in Mexico City. As of 31 December 2013, the bank reported Mx$1,372 billion in assets (source: Issuer's financial statements).

Banamex is headquartered in Mexico City. As of 31 December 2013, the bank reported Mx$1,179 billion in assets (source: Comisión Nacional Bancaria y de Valores).

Santander México is headquartered in Mexico City. As of 31 December 2013, the bank reported Mx$821 billion in assets (source: Issuer's financial statements).

Banorte is headquartered in Monterrey, Nuevo León. As of 31 December 2013, the bank reported Mx$769 billion in assets (source: Comisión Nacional Bancaria y de Valores).

Bancomext is headquartered in Mexico City. As of 31 December 2013, the bank reported Mx$219 billion in assets (source: Comisión Nacional Bancaria y de Valores).

Banobras is headquartered in Mexico City. As of 31 December 2013, the bank reported Mx$488 billion in assets (source: Comisión Nacional Bancaria y de Valores).

SHF is headquartered in Mexico City. As of 31 December 2013, the bank reported Mx$99 billion in assets (source: Comisión Nacional Bancaria y de Valores).

The period of time covered in the financial information used to determine the ratings is between 1 January 2009 and 31 December 2013 (source: Moody's, Issuers' financial statements, CNBV and Banxico).

The sources and items of information used to determine the ratings include 2012 and 2013 interim financial statements (source: Moody's and Issuers' financial statements); year-end 2011 and 2012 audited financial statements (source: Moody's and Issuers' annual audited financial statements); information on market position (source: CNBV); regulatory capital information (source: Banxico).

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 rating has 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 was 5/March/2013

The date of the last Credit Rating Action for Banamex was 28/June/2012

The date of the last Credit Rating Action for Santander México was 11/December 2013

The date of the last Credit Rating Action for Banorte was 10/September/2013

The date of the last Credit Rating Action for Bancomext was 20/February/2013

The date of the last Credit Rating Action for Banobras was 19/August/2013

The date of the last Credit Rating Action for SHF was 23/December/2013

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.

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 the Rating Process page 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 the ratings disclosure page on 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 takes rating actions on Mexican banks
No Related Data.
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