MEXICO CITY (Standard & Poor's) Feb. 13, 2012--Standard & Poor's Ratings Services said today that its ratings on Banco Santander (Brasil) S.A. and Banco Santander (Mexico) S.A. Institución de Banca Múltiple Grupo Financiero Santander (both BBB/Stable/A-3) are not affected by the recent downgrade of their Spain-based parent, Banco Santander S.A. (Santander; A+/Negative/A-1) (see "Research Update: Banco Santander S.A. And Core Subs Ratings Lowered To 'A+/A-1' On Spain Downgrade And BICRA Revision; Outlook Negative," published Feb. 13, 2012, on RatingsDirect). Our ratings on both banks are based on their stand-alone creditworthiness and are limited by the respective sovereign ratings on the Federative Republic of Brazil (foreign currency: BBB/Stable/A-3; local currency: A-/Stable/A-2) and the United Mexican States (foreign currency: BBB/Stable/A-3; local currency:...
Companies mentioned in this report are:
- Banco Santander (Brasil) S.A.
- Banco Santander S.A.
- Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo Financiero Santander
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