Moody's may upgrade Citibanamex

Moody's Investors Service said it today placed on review for upgrade Banco Nacional de Mexico, SA's (Citibanamex) Baa2 adjusted baseline credit assessment and Acciones y Valores Banamex, Casa de Bolsa's (Citibanamex Casa de Bolsa) global and Mexican national scale long-term issuer ratings of Baa2 and Aa2.mx.

Moody's also said it affirmed all of the ratings assigned to Citibanamex, including its long-term global scale debt and deposit ratings of A3 and Mexican national scale rating of Aaa.mx.

The outlook remains stable.

Citibanamex's Baa2 baseline credit assessment is unaffected.

Moody's also affirmed the short-term ratings of Citibanamex Casa de Bolsa.

The actions follow news that the ratings of the companies' ultimate parent, Citigroup Inc., along with its primary operating subsidiary, Citibank, NA, were placed on upgrade review.

The review reflects the potential increase in the likelihood that Citibanamex will receive affiliate support from Citigroup in an event of stress, Moody's explained.

The agency said it assesses a very high willingness on the part of Citigroup to support Citibanamex. Citibanamex's ratings also reflect the bank's strong core capitalization and superior access to a large base of stable, low cost retail deposit funding, Moody's said.

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