Moody's rates BBVA Bancomer notes Aa3

Moody's Investors Service said it assigned a Aa3 global local-currency subordinated debt rating to BBVA Bancomer, SA's up to Ps. 3 billion issuance of non-preferred, non-convertible subordinated notes due 2018. On its Mexican national scale, Moody's de Mexico assigned an Aaa.mx long-term subordinated debt rating to these notes. The notes are eligible for Tier 2 capital treatment.

The agency said that even though the subordination was taken into account in the assignment of the ratings, at the highest rating levels on the Mexican national scale, the one-grade notching applied to this type of subordinated debt does not affect the final national scale debt rating.

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