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Banco Nacional de Mexico S.A. (Banamex) Dec 07
Standard & Poors, Dec 2007
Abstract
Strong franchise across the country Low funding cost Strong efficiency Able to cope with a domestic financial crisis on a stand-alone basis Strong competition in Mexico Competitive environment pressures margins Higher loan to deposit ratio Standard & Poor's Ratings Services' rating on Banco Nacional de Mexico S.A. (Banamex) reflects improved stand-alone creditworthiness, its good liquidity, low exposure to foreign exchange activities, a strong market position, and improved financial performance. The ratings are constrained by banking industry country risks related to operating in Mexico (United Mexican States; FC: BBB+/Stable/A-2; LC: A+/Stable/A-1), as well as lending risks and the tough competitive environment in the Mexican banking sector. Although Banamex is exposed to Mexican country risk, we believe that it may be able...
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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