Moody's: BBVA Bancomer notes A1, preferreds A2

Moody's Investors Service said it assigned BBVA Bancomer, SA's proposed foreign-currency five-year senior debt notes to be issued through the bank's Texas Agency a provisional long-term senior debt rating of A1 and a provisional long-term foreign-currency subordinated debt rating of A2 to the proposed tier 2 cumulative subordinated preferred notes.

The A1 rating is consistent with the bank's A1 local currency senior rating and Mexico's foreign currency ceiling for bonds and notes, Moody's said.

The A2 rating is primarily underpinned by the ratings assigned to the bank and follows Moody's methodology for rating bank subordinated debt, the agency said.

The A2 rating considers the notes' 10-year maturity, cumulative coupon skip mechanism and subordination in liquidation, the agency added.

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