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S&P ups four Mexican banks
Standard & Poor's said it raised its foreign-currency counterparty credit and CD ratings on BBVA Bancomer SA, Banco Nacional de Mexico SA, Banco Santander SA and HSBC Mexico SA to BBB+/A-2 from BBB/A-3.
The BBB+/A-2 local-currency counterparty credit and CD ratings were affirmed, the agency added.
The outlook is stable.
According to S&P, the rating actions on the four Mexican banking groups reflect improved stand-alone creditworthiness, notably their good liquidity, low exposure to foreign exchange, strong market positions and improved financial performance.
The rating action on HSBC Mexico incorporates a one-notch uplift from the bank's stand-alone rating due to S&P's view of potential parent support from the HSBC group.
The agency said that the ratings of all four are constrained by banking industry country risks related to the Mexican operating environment (sovereign ratings on the United Mexican States are FC: BBB/stable/A-3, LC: A/stable/A-1) as well as lending risks and the tough competitive environment in Mexican banking sector.
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