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Banco Santander Mexicano S.A., Banca Serfin S.A. Ratings Affirmed After Bank of America Deal Dec 02
Standard & Poors, Dec 2002
Abstract
NEW YORK (Standard & Poor's) Dec. 11, 2002--Standard & Poor's Ratings Services said today that it affirmed its 'BB+/B' counterparty credit ratings on Banco Santander Mexicano S.A. and Banca Serfin S.A. after the announcement of a 24.9% acquisition of Grupo Financiero Santander Serfin (Santander Serfin) by Bank of America Corp. The outlooks are stable. The affirmation of the ratings on both banks is based on Standard & Poor's opinion that, although this event diversifies the shareholding structure of Grupo Financiero Santander Serfin to some extent, there are no expected significant changes in the financial or business profiles. Additionally, it does not imply a capital injection for the banks or the group. 'Standard & Poor's expects that the banks will continue...
Companies mentioned in this report are: Banco Santander Mexicano S.A.,Bank of America Corp.,Banco Santander S.A.,Banca Serfin S.A.
Action: Affirmed
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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