Mexico, April 17, 2015 -- Moody's de Mexico (MdM) has today withdrawn for business reasons
the bank financial strength ratings (BFSR) on all Mexican banks,
following the implementation of the rating agency's updated bank
rating methodology in Mexico. Going forward, the baseline
credit assessment (BCA) will be the only indicator of issuers' standalone
intrinsic strength. Neither the BCAs assigned to each bank nor
any of their other ratings are affected by today's rating action.
For details, please refer to the announcement "Moody's
implements its new bank rating methodology in Mexico," published
on 17 April 2015 https://www.moodys.com/research/--PR_323203.
The updated methodology, "Metodologia de Calificacion:
Bancos," is now available on www.moodys.com.mx,
and can be accessed via this link:
https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179789
LIST OF AFFECTED CREDIT RATINGS
The following BFSRs were withdrawn:
- BBVA Bancomer, S.A.: BFSR of C-
withdrawn
- Banco Nacional de Mexico, S.A.: BFSR
of C- withdrawn
- Banco Mercantil del Norte, S.A.: BFSR
of C- withdrawn
- Banco Santander (Mexico), S.A.: BFSR
of C- withdrawn
- HSBC Mexico, S.A.: BFSR of C-
withdrawn
- Scotiabank Inverlat, S.A.: BFSR of
C- withdrawn
- Banco del Bajio, S.A.: BFSR of D+
withdrawn
- Banco Regional de Monterrey, S.A.:
BFSR of D+ withdrawn
- Banco Interacciones, S.A.: BFSR of
D- withdrawn
- Banco Azteca, S.A.: BFSR of D-
withdrawn
- Banco Ve por Mas, S.A.: BFSR of D-
withdrawn
- Volkswagen Bank, S.A.: BFSR of E+
withdrawn
- Bank of Tokyo-Mitsubishi UFJ (Mexico), S.A.:
BFSR of D withdrawn
- Deutsche Bank Mexico, S.A.: BFSR of
D withdrawn
- Barclays Bank Mexico, S.A.: BFSR of
D withdrawn
RATINGS RATIONALE
Moody's has withdrawn these ratings for its own business reasons.
Going forward the baseline credit assessment (BCA) will be the only indicator
of issuers' standalone intrinsic strength. Please refer to
the Moody's Policy for Withdrawal of Credit Ratings, available
on its website www.moodys.com.mx.
The principal methodology used in these ratings was Banks published in
April 2015. Please see the Credit Policy page on www.moodys.com.mx
for a copy of this methodology.
The period of time covered in the financial information used to determine
the rating is between 1/January/2011 and 31/December/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 2013 and 2014 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 ratings 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 HSBC Mexico, S.A.
was 03/07/2014
The date of the last Rating Action for Banco Nacional de Mexico,
S.A. was 14/10/2014
The date of the last Rating Action for Scotiabank Inverlat S.A.
was 06/03/2015
The date of the last Rating Action for Banco Santander (Mexico),
S.A. was 17/07/2014
The date of the last Rating Action for BBVA Bancomer, S.A.
was 06/03/2015
The date of the last Rating Action for Banco Mercantil del Norte,
S.A. was 06/03/2015
The date of the last Rating Action for Banco del Bajio, S.A.
was 07/04/2014
The date of the last Rating Action for Banco Interacciones, S.A.
was 11/07/2014
The date of the last Rating Action for Bank of Tokyo-Mitsubishi
UFJ (Mexico), S.A. was 04/06/2011
The date of the last Rating Action for Banco Regional de Monterrey,
S.A. was 07/04/2014
The date of the last Rating Action for Banco Ve por Mas, S.A.
was 10/03/2015
The date of the last Rating Action for Deutsche Bank Mexico, S.A.
was 05/08/2014
The date of the last Rating Action for Barclays Bank Mexico, S.A.
was 28/06/2012
The date of the last Rating Action for Banco Azteca, S.A.
was 20/03/2014
The date of the last Rating Action for Volkswagen Bank, S.A.
was 23/03/2015
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 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 www.moodys.com.mx
for further information on the meaning of each rating category and the
definition of default and recovery.
Please see Moody's Ratings Symbols and Definitions on the Rating
Process page on www.moodys.com.mx for further information
on the time horizon in which a credit rating action may be after a review
or outlook action took place
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 the ratings disclosure page on www.moodys.com.mx
for disclosures on significant Moody's shareholders and on certain relationships
between Moody's, its shareholders and/or rated issuers.
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 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.
The ratings issued by Moody's de México 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.
This publication does not announce a credit rating action. For
any credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com
for the most updated credit rating action information and rating history.
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 withdraws financial strength ratings of Mexican banks
