Moody's keeps Banco Santander Mexico on review

Moody's Investors Service said it confirmed Banco Santander, SA (Mexico)'s C bank financial strength rating with a stable outlook and kept its Aa3/Prime-1 global local-currency long- and short-deposits and senior debt and A1/Prime-1 foreign-currency senior debt ratings on review for possible downgrade along with Casa de Bolsa Santander, SA's Aa3/Prime-1 long- and short-term global local-currency ratings.

The Aaa.mx/MX-1 Mexican national scale deposit and debt ratings are not on review.

In confirming the bank financial strength rating, Moody's concluded that the bank's capital and future earnings prospects could well withstand potentially higher credit losses in the near term.

The agency said the other ratings remain under review because it will also apply its new assumptions of systemic support for Mexican banks. The review will determine the extent to which the level of systemic support currently incorporated into the bank's local-currency ratings should be more closely aligned with the Mexican government's own debt capacity.

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