MEXICO CITY (Standard & Poor's) Oct. 12, 2011--Standard & Poor's Ratings Services said today that its ratings on Mexico-based large commercial banks BBVA Bancomer S.A. and Banco Santander S.A. (Mexico)--both rated BBB/Stable/A-3--are not affected by the downgrades of their Spain-based parent companies, Banco Bilbao Vizcaya Argentaria S.A. and Banco Santander S.A. (see " Spain's Slowing Economy And Depressed Real Estate Market Prompt Negative Rating Actions On 15 Spanish Banks," published Oct. 11, 2011, on RatingsDirect on the Global Credit Portal). Currently, ratings on both banks are based on their own creditworthiness and are limited by the sovereign rating on Mexico (BBB/Stable/A-3). As a result, their strategically important status for their parent companies is not reflected in any notch uplift. Both...
Companies mentioned in this report are:
- BBVA Bancomer S.A.
- Banco Santander S.A.
- Banco Bilbao Vizcaya Argentaria S.A.
- Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo Financiero Santander
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