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Banco Nacional de Mexico S.A. (Banamex) Dec 04
Standard & Poors, Dec 2004
Abstract
Ownership structure Market position Good distribution network Concentration in the loan portfolio by individual customers Operating results vulnerable to market volatility Important exposure to the Mexican government The ratings on Banco Nacional de M-xico S.A. (Banamex) reflect the bank's ownership structure, its importance as a commercial bank in the country, and its large distribution network. The ratings are balanced by a concentration in the loan portfolio by individual customers; the importance of trading activity, which has resulted in volatile earnings; and the exposure of the bank's balance sheet to the Mexican government. Banamex has completely integrated to Citigroup Inc., its main shareholder. Although Standard & Poor's Ratings Services does not view ownership support as a direct guarantee of the obligations...
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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