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Banco Nacional de M?xico S.A. Jul 11
Standard & Poors, July 2011
Abstract
Strong market position, with a well diversified business portfolio Sound risk-adjusted capitalization, supported by internal generation capacity Strong liquidity profile Above-average asset quality Volatile earnings associated with market-related income Challenging economic conditions and stiff competition The ratings on Banco Nacional de M-xico S.A. (Banamex) reflect its leading position in the Mexican banking industry, and its above-average financial profile supported by strong risk-adjusted capital (RAC) ratios, good liquidity, and improved asset quality. Offsetting these positive rating factors are the volatility of earnings associated with market-related income, challenging economic conditions, and strong competition. In our view, Banamex is a strategically important subsidiary of Citigroup Inc. (A/Negative/A-1) as a cornerstone of its strong position in Latin America and rank as one of the...
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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