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Fitch rates BBVA notes BBB+
Fitch Ratings said it assigned a BBB+ rating to BBVA Bancomer SA's $1 billion 7¼% subordinated notes due 2020. The bank has an A local-currency issuer default rating.
The agency said the difference between the rating of the notes and BBVA Bancomer's local-currency issuer default rating reflects Fitch's notching criteria for senior and more junior obligations. In the event of bankruptcy, liquidation or dissolution, the notes will rank junior to all of BBVA Bancomer's senior debt and subordinated preferred debt and pari passu with all other unsecured subordinated and non-preferred debt.
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