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S&P affirms national ratings of Credit Suisse's Mexican banking, brokerage units


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S&P affirms national ratings of Credit Suisse's Mexican banking, brokerage units

S&PGlobal Ratings on Sept. 27 affirmed the national scale long-term ratings of and brokerage unit Casa de Bolsa Credit Suisse (México) S A de C V at mxAAA.It also affirmed their short-term ratings at mxA-1+.

The outlookon the ratings is stable.

The ratingsare based on S&P's view that both companies are "highly strategic"subsidiaries for their parent, CreditSuisse Group AG, given that their main business lines are importantfor the group's global strategy and their reputations are linked.

In thebank's case, there is also a solid history of support from the parent and it isunlikely to be sold, S&P noted.

The ratingsalso consider the companies' adequate liquidity and strong capitalization with arisk-adjusted capital ratio that is expected to be around 11.5% in the next 12 to18 months after averaging 12% in the last two years, S&P said.

However,the ratings also consider their weak business position with income highly concentratedin certain business lines, the rating agency said.

In addition,both subsidiaries have a moderate risk position due to the importance of financialintermediation in their total income, and the bank's funding is lower than averagefor the Mexican banking system due to the lack of a stable base of depositors, S&Pnoted.

As forthe brokerage unit, it provides services that complement the bank's portfolio offinancial products and is considered very important for the group's identity andfuture strategy. As a result, the rest of the group would support the firm underalmost any foreseeable circumstance, S&P said.

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