Fitch rates BBVA Bancomer notes BBB+

Fitch Ratings said it assigned final BBB+ ratings to the $500 million 6.008% non-cumulative fixed/floating-rate subordinated non-preferred tier I notes due 2022 and €600 million 4.799% cumulative fixed/floating-rate subordinated preferred tier II notes due 2017 placed by BBVA Bancomer SA through its Grand Cayman branch.

The outlook is stable.

The agency said the bank's ratings reflect the potential support the bank would receive from its parent, Banco Bilbao Vizcaya Argentaria, if required, and BBVA Bancomer's dominant franchise, sound and improving operating performance, enhanced asset quality and risk management, adequate capital levels and the benign operating environment and strong growth prospects.

The ratings also factor in the increasingly competitive environment and risks associated with a rapidly growing and shifting loan portfolio, Fitch said.

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