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Fitch rates BBVA Mexico notes BB
Fitch Ratings said it assigned a final BB rating to BBVA Mexico, SA’s $900 million of tier 2 subordinated preferred capital notes.
The notes have a 15-year maturity and an 8 1/8% fixed rate. The bank has the option to early redeem the notes one time in the tenth year from the issuance day.
“BBVA Mexico's tier 2 subordinated preferred capital notes BB rating is three-notches below the bank's bbb viability rating, the anchor rating. There is a two-notch adjustment to reflect loss-severity risk and an additional one notch for non-performance risk,” Fitch said in a press release.
The proceeds will be used to manage regulatory capital ratios and for general corporate purposes.
The outlook is stable.
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