Moody's: BBVA Bancomer debt A3

Moody's Investors Service said it assigned A3 and Aaa.mx long-term global local-currency and Mexican national scale senior unsecured debt ratings to two issuances of certificados bursatiles bancarios (Bacomer 17 and Bacomer 17-2) to be issued by BBVA Bancomer, SA, Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer (BBVA Bancomer).

The outlook is negative.

BBVA Bancomer expects the Bacomer 17 issuance to have a maturity of up to three years and the Bacomer 17-2 issuance to have a maturity of up to five years, Moody's said.

The combined amount of both issuances will not exceed Ps.7 billion with the amount allocated to each issuance dependent on demand.

The ratings reflect the bank's consistently robust earnings, superior access to low-cost retail deposits and good asset quality, Moody's said.

These strengths are offset by core capitalization levels that remain somewhat lower than those of other large Mexican banks and provide the bank with less loss absorption capacity, the agency said.

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