Moody's rates Santander certificados Baa1

Moody's Investors Service said it assigned Baa1 and Aaa.mx long-term global local currency and Mexican national scale senior unsecured debt ratings to the two planned sales of certificados bursatiles bancarios (BSMX 21 and BSMX 21-2) to be issued by Banco Santander (Mexico) SA Institucion de Banca Multiple Grupo Financiero Santander.

BSMX 21 will be the first and BSMX 21-2 the second issuance under Santander Mexico's senior debt program of certificados bursatiles bancarios and certificados de deposito bancario de dinero a plazo for up to Ps. 55 billion, or its equivalent in other currencies or Mexican investment units (UDIs). BSMX 21 will mature in 2025 and have a floating coupon, while BSMX 21-2 will mature in 2028 and will have a fixed coupon. The combined amount of BSMX 21 and BSMX 21-2 will be up to Ps. 10 billion.

“Santander Mexico's Baa1 long-term senior unsecured debt rating benefits from one notch of uplift from the bank's BCA of baa2, in line with moderate affiliate support from Banco Santander SA (Spain) (Santander Spain, A2 stable, baa1). Moody's assessment of moderate affiliate support is consistent with the rating agency's assessment of support for most of Santander Spain's other subsidiaries in developing markets,” Moody’s said in a press release.

The outlook is stable.

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