Moody’s lifts BBVA Bancomer ratings

Moody's Investors Service said it upgraded the standalone baseline credit assessment and adjusted baseline credit assessment of BBVA Bancomer, SA to baa1, from baa2, and affirmed its A3 global scale and Aaa.mx national scale senior debt and deposit ratings.

The agency also upgraded the subordinated and junior subordinated debt ratings, issued through BBVA Bancomer, SA Texas Agency.

Moody’s upgraded Bancomer's long-term global local currency junior subordinated debt ratings to Baa3(hyb) from Ba1(hyb), long-term global local currency subordinated debt ratings to Baa2 from Baa3 and long-term global local currency contingent capital securities debt ratings to Baa3(hyb) from Ba1(hyb).

At the same time, Moody's upgraded Casa de Bolsa BBVA Bancomer SA de CV's long-term global and Mexican national scale issuer ratings to Baa1 and Aa1.mx, respectively, and affirmed its short-term ratings.

The outlooks are stable.

The agency said it upgraded Bancomer's ratings to reflect increases in the bank's earnings that have cemented its position as the most profitable large bank in Mexico.

Moody’s said the upgrade also incorporates improvements in capitalization and asset quality, the latter highlighting the strength of the bank's risk management over time.

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