Fitch affirms Banamex

Fitch Ratings said it affirmed Banco Nacional de Mexico's (Banamex) long-term issuer default rating at A-, short-term issuer default rating at F1, long-term local-currency issuer default rating at A, short-term local-currency issuer default rating at F1, long-term national scale rating at AAA(mex) and short-term national scale rating at F1+(mex).

The outlook is stable.

The ratings reflect the strong willingness of support by its parent, Citigroup Inc., which is rated A+ with a stable outlook, given the bank's high strategic importance to its global franchise.

While the bank's ratings will likely remain driven by sovereign and country ceiling considerations, these ratings could be affected if Citigroup is restricted from freely providing support to or maintaining ownership in the Mexican bank, but Fitch said it considers that the probability of this scenario is decreasing in line with Citigroup's gradually improving financial condition and the ongoing repayment of TARP trust preferred stock held by the U.S. government.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.