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Banco Nacional de M?xico S.A. (Banamex) Jun 09
Standard & Poors, June 2009
Abstract
An ample franchise throughout Mexico Satisfactory funding and liquidity and capital strength Well-diversified business, with growth in retail banking Good credit practices More-complicated economic conditions, affecting asset quality and profits Partial sensitivity of revenues to volatile markets through large trading activities Pressure on ratings from the difficulties of its parent, Citigroup The rating on Banco Nacional de M-xico S.A. (Banamex) is based on its stand-alone creditworthiness, with a respectable commercial position, ample franchise, good capitalization, and adequate funding and liquidity profile. The ratings are constrained by Standard & Poor's Ratings Services' concerns that the bank's asset quality, notably in the credit card portfolio, may feel the effects of the more adverse operating environment and the difficulties its parent, Citigroup Inc.,...
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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