Moody's rates Banco Santander notes A2

Moody's Investors Service said it assigned A2 long-term local-currency debt ratings to Banco Santander (México), SA Institución de Banca Múltiple, Grupo Financiero Santander y Subsidiarias' proposed first issuance of two-year certificados de depósito bancario de dinero a plazo for up to Ps. 1 billion, as well as to the bank's proposed two-year second issuance of variable-rate and proposed 10-year third issuance of fixed-rate certificados bursátiles bancarios for a combined amount of up to Ps. 6 billion.

Moody's de México assigned an Aaa.mx long-term Mexican national-scale debt rating to all three issuances.

The outlook is stable.

The ratings are in line with Santander México's local-currency deposit rating of A2, which is based on the bank's unsupported baseline credit assessment of A3 and the incorporation of parental support from Banco Santander, SA in Spain, Moody's said.

Santander México has a clear importance to Santander Spain and Moody's assesses a moderate probability of parental support for the bank in case of systemic stress, the agency said.

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