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Banco Nacional de Mexico S.A. (Banamex) May 08
Standard & Poors, May 2008
Abstract
Good franchise across the country Low funding cost Strong efficiency Well-diversified banking profile, with increasing retail banking activities Strong enterprise risk management (ERM) Strong competition in Mexico Good liquidity, but higher loan-to-deposit ratio The ratings reflect Banco Nacional de Mexico S.A.'s (Banamex) stand-alone creditworthiness, notably its ample franchise, diversified business profile, strong ERM, and good and consistent financial performance. The ratings on Banamex are constrained by the Banking Industry Country Risk Assessment of the United Mexican States, which measures risks in the Mexican operating environment such as payment culture, transparency of information, current legal framework, lending risk in a less-favorable economic environment, and higher funding costs due to strong competition in the market, especially in the corporate segment. Standard &...
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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