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Prospect News home > News index > List of issuers G > Headlines for Grupo Financiero Santander Mexico SAB de CV > News item |
Moody’s rates Grupo Financiero debt Ba1 (hyb)
Moody's Investors Service said it assigned a provisional Ba1 (hyb) global local currency junior subordinated debt rating and A1.mx (hyb) Mexican national scale junior subordinated debt rating to the proposed perpetual non-cumulative capital notes with principal conversion to be issued by Grupo Financiero Santander Mexico, SAB de CV.
The contingent convertible capital notes will have no stated maturity and will be issued for an aggregate amount of up to $500 million, in the domestic and international markets.
The notes issued by Grupo Financiero will be of the same principal amount and substantially carry the same terms and conditions as the private notes to be issued by its main subsidiary, Banco Santander (Mexico) SA, which will not be rated by Moody's.
The terms and conditions were designed to qualify Santander’s back-to-back notes as additional tier 1 capital, under Basel III.
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