Moody’s gives BBVA Bancomer hybrids Baa3

Moody's Investors Service said it assigned a (P) Baa3 (hyb) rating to BBVA Bancomer SA’s proposed dollar-denominated Basel III-compliant tier 2 subordinated preferred capital notes due 2034.

The notes will be sold through BBVA’s Texas branch.

“The assigned (P)Baa3 (hyb) rating is positioned two notches below BBVA Mexico's baa1 adjusted baseline credit assessment (adjusted BCA), in line with Moody's standard notching guidance for contingent capital notes,” said Moody’s in a press release.

The notes are intended to provide loss absorption, the agency said.

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