Fitch affirms SanMex

Fitch Ratings said it affirmed Banco Santander (Mexico)s long-term issuer default rating at A-, short-term issuer default rating at F1, long-term local-currency issuer default rating at A, short-term local-currency issuer default rating at F1, long-term national-scale rating at AAA(mex), short-term national-scale rating at F1+(mex) and long-term national-scale rating for local senior unsecured debt issues at AAA(mex).

The outlook is stable.

The ratings are driven by the potential support from its ultimate parent, Spain's Banco Santander, Fitch said.

The ratings will likely remain driven by sovereign and country ceiling considerations, unless the propensity of the parent bank to provide support decreases significantly, which Fitch said it considers unlikely.

Downside risks for the bank would stem from deterioration in its loss absorption capacity or earnings, the agency said.

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