Moody’s rates BBVA Mexico notes Baa1

Moody’s Investors Service said it assigned a Baa1 long-term debt rating to the proposed fixed-rate senior debt notes to be issued by BBVA Bancomer, SA, through its BBVA Bancomer SA Texas Agency. The proposed notes will be denominated and settled in dollars.

“The Baa1 senior unsecured debt rating assigned to the notes incorporates BBVA Mexico’s fundamental credit strength, as evidenced by the bank’s baa1 baseline credit assessment (BCA). BBVA Mexico’s BCA reflects the bank’s strong and steady earnings generation supported by a diversified business profile with dominant positions in several market segments, providing the bank with ample access to a low-cost core deposit base. These credit strengths support the bank’s robust internal capital generation,” Moody’s said in a press release.

The outlook on the rating is negative, in line with the outlook on Mexico’s sovereign ratings.

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