Fitch Ratings on Dec. 1 affirmed the asset manager ratings of Santander Vivienda SA de CV Sociedad Financiera de Objeto Múltiple ER and Santander Consumo SA de CV at AAFC1(mex) and AAFC2+(mex), respectively.
The outlook on both entities is stable.
The entities' ratings reflect an experienced management team and highly qualified workforce, procedures and controls that are detailed and totally integrated into a robust technological platform, resulting in operational efficiency, strong financial situation and the support of Grupo Financiero Santander Mexico SAB de CV.
In addition, Santander Vivienda's rating reflects the ongoing decrease and low levels of the entity's past due loan ratio compared to previous years and a significant rise in its business scale.
Meanwhile, Santander Consumo's rating is also based on its gradual, sustained growth in recent years and which has not negatively impacted portfolio quality indicators. However, it is limited by the impaired assets indicator which has remained at similar levels in recent years, Fitch noted.