Moody's: BBVA notes A3

Moody's Investors Service said it assigned a long-term foreign currency subordinated debt rating of A3, on review for downgrade, to BBVA Bancomer, SA's proposed long term foreign currency Tier 2 cumulative subordinated preferred, 10.5-year notes, issued through the bank's Texas Agency.

The agency said the A3 subordinated debt rating, on review for downgrade, is underpinned by BBVA Bancomer's supported A2 deposit rating and follows Moody's notching convention for bank subordinated debt.

The agency said the A2 anchor rating incorporates two notches of uplift from the bank's baa1 standalone credit assessment to reflect Moody's assessment of the probability of parental and systemic support.

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