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Prospect News home > News index > List of issuers G > Headlines for Grupo Financiero Santander Mexico SAB de CV > News item |
Fitch rates Grupo Financiero BBB+, notes BB
Fitch Ratings said it assigned ratings to Grupo Financiero Santander Mexico SAB de CV, including its viability rating at bbb+, long-term foreign currency issuer default ratings at BBB+ and short-term foreign- and local-currency rating at F2.
The agency also assigned a support rating of 2 and national long- and short-term ratings of AAA(mex)/F1+(mex).
The outlook for the long-term ratings is stable.
At the same time Fitch, assigned Grupo Financiero’s upcoming issue up to $500 million perpetual subordinated non-preferred contingent convertible capital notes an expected long-term rating of BB(EXP).
Proceeds will be used to acquire from Banco Santander (Mexico), SA, Institucion de Banca Multiple, Grupo Financiero Santander Mexico (SAN Mexico) a perpetual subordinated non-preferred contingent capital note in the same principal amount and with substantially the same terms and conditions.
Fitch said the viability rating reflects the financial performance of Grupo Financiero’s main operating subsidiary, SAN Mexico (BBB+/stable), in which it holds a 99.9% equity stake. SAN Mexico's assets represented 99.96% of the group's consolidated assets at the end of September, 2016.
The BBB+ issuer default ratings and AAA(mex)/F1+(mex) national scale ratings are driven by the company’s standalone profile as reflected in its viability rating.
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