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Summary: Banco Santander S.A. (Mexico) Sep 11 Product Image

Summary: Banco Santander S.A. (Mexico) Sep 11

  • ID: 1924694
  • September 2011
  • Region: Mexico
  • Standard & Poors

Abstract
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.

Action: Review

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Note: Product cover images may vary from those shown

- Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo Financiero Santander
- Banco Santander S.A.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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