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S&P removes Consubanco from CreditWatch negative, affirms ratings

S&P Global Ratings on Dec. 21 affirmed its BB- global scale and mxBBB+/mxA-2 national scale issuer and issue level ratings of Consubanco SA Institución de Banca Múltiple while removing them from CreditWatch with negative implications.

With the CreditWatch removal, the outlook is now stable.

The affirmation reflects Consubanco's successful implementation of its liquidity plan and the resulting reduction in refinancing risk and liquidity pressure, including a provision worth 600 million Mexican pesos made by the bank. However, S&P noted that the bank has failed to improve its asset quality metrics as expected.

Meanwhile, the stable outlook reflects S&P's view that the bank has eased its refinancing and liquidity risks through higher financial flexibility that will allow it to face its 2018 debt maturities. The rating agency also does not believe that its asset quality metrics will weaken further.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.