Moody’s rates Banco S3 deposits Baa2

Moody's Investors Service said it assigned global long- and short-term local and foreign currency deposit ratings of Baa2/Prime-2 to Banco S3 Mexico, SA, Institucion de Banca Multiple.

The agency also assigned long-and short-term Mexican national scale deposit ratings of Aa2.mx/MX-1 to Banco S3.

In addition, Moody's assigned a baa3 standalone baseline credit assessment and a baa2 adjusted baseline credit assessment, as well as long- and short-term counterparty risk assessments of Baa1(cr)/Prime-2(cr).

The outlook is stable.

The bank is a spin-off of Banco Santander (Mexico), SA, from which it acquired all custodian operations in February. The entity´s ultimate parent is Banco Santander SA (Spain).

The agency said the Baa2 long-term deposit ratings incorporate one-notch of uplift from the bank’s baseline credit assessment, due to Moody's assumption of a moderate probability of support from its ultimate parent, Santander Spain, in case of need.

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