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S&P affirms ratings of Intercam Banco, Intercam Casa de Bolsa with stable outlook

S&P Global Ratings on Oct. 10 affirmed the long- and short-termnational counterparty credit ratings of IntercamBanco SA Institución de Banca Múltiple Intercam Grupo Financiero andIntercam Casa de Bolsa SA de C.V.IntercamGrupo Financiero at mxA-, mxA-2, respectively. The outlook on the long-termrating is stable.

The affirmation on the bank's ratings reflect its weak businessposition, given the high concentration of revenues in foreign exchange trading activities,as well as its still limited market position within the Mexican banking system,S&P said. The rating agency also took into account its adequate risk-positionbacked by good risk-control policies and appropriate nonperforming asset levels,which S&P expects to remain below 2%.

In addition, S&P also considered the bank's moderate capitaland earnings assessment, as the rating agency projects its consolidated risk-adjustedcapital index to be set at 6.1% for the next 12 to 24 months, as well as its adequateliquidity levels.

Although the currency trading business was transferred to thebank, S&P believes that Intercam Casa de Bolsa remains a key unit for both thegroup and the bank because of its strategic position, which would receive financialsupport if needed. The rating agency said, "the ratings of both entities willremain closely related and will move in parallel."

Meanwhile, S&P estimates the bank's nonperforming loans tobe set at about 1% by the end of 2016 and 2017.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.