Moody's gives BBVA Bancomer notes Aa3

Moody's Investors Service said it assigned a Aa3 global local currency subordinated debt rating to BBVA Bancomer, SA's program of non-preferred, non-convertible subordinated notes of up to Ps. 5 billion.

On its Mexican national-scale, Moody's de Mexico said it assigned a Aaa.mx long-term subordinated debt rating to the program.

At the same time, Moody's said it assigned Aa3 global local currency and Aaa.mx Mexican national-scale long-term subordinated debt ratings to the first notes issuance for up to Ps. 1.2 billion under the program.

The agency noted that even though the subordination was taken into account in the assignment of the ratings, at the highest rating levels on the Mexican national-scale, the one-grade notching is applied to subordinated debt issuance does not affect the final national-scale debt rating.

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