Summary: Banco Santander S.A. (Mexico) Sep 11
- ID: 1924694
- September 2011
- Region: Mexico
- Standard & Poors
Standard & Poor's Ratings Services' ratings on Banco Santander S.A. (Mexico) (Santander) are based on its stand-alone creditworthiness, which reflects its active business profile and financial performance, with sustained good capitalization and asset quality. However, still-volatile profitability and particularly tough operating and competitive conditions in the Mexican banking industry limit the ratings. We consider Santander as having strategic importance to its parent, Banco Santander S.A. (AA/Negative/A-1+); however, we incorporate no notches of support, given that the rating is the same as the foreign currency sovereign rating on the United Mexican States (foreign currency: BBB/Stable/A-3; local currency: A-/Stable/A-2). We believe Santander has been able to cope well with a slowing economy through its April 29, 2011, buyout of General Electric Capital...
Companies mentioned in this report are:
- Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo Financiero Santander
- Banco Santander S.A.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >