S&P affirms BBVA Bancomer

S&P said it affirmed its global scale BBB+ long- and A-2 short-term issuer credit ratings on BBVA Bancomer SA.

At the same time, the agency affirmed the national scale mxAAA long- and mxA-1+ short-term issuer credit ratings on the bank.

The outlook is stable.

S&P also affirmed the BB+ issue-level rating on the bank's subordinated preferred cumulative capital notes.

“The issuer credit ratings on BBVA Bancomer continue reflecting its strong brand recognition and leading market position, as well as our forecasted RAC ratio of about 10.5% for the next two years,” the agency said in a news release.

“The ratings also take into account the bank's manageable asset quality metrics–decreasing year over year–as seen in a risk position assessment that's relatively in line with those of main competitors and of the Mexican banking industry.”

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