Fitch cuts several BBVA subsidiaries

Fitch Ratings said it took rating actions on BBVA Bancomer, SA, Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer (BBVA Mexico), BBVA Colombia SA (BBVA Colombia) and Forum Servicios Financieros.

These rating actions follow Fitch's downgrade to BBB+ from A- on their parent company, Banco Bilbao Vizcaya Argentaria (BBVA).

Fitch downgraded BBVA Colombia’s local currency issuer rating to BBB from BBB+ and its subordinated rating to BB+ from BBB-.

The agency lowered BBVA Mexico’s issuer, local currency issuer and senior unsecured ratings to BBB from BBB+, as well as its subordinated rating to BB from BB+.

Finally, Fitch cut Forum’s national long-term and national senior unsecured ratings to AA-(cl) from AA(cl). Fitch also downgraded the junior subordinated rating to BB from BB+.

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