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Fitch Ratings affirms ratings of JPMorgan's Mexican banking, brokerage units

FitchRatings on April 27 affirmed the national long-term rating of Banco J.P. Morgan SA Institución de Banca Múltiple JP Morgan Grupo Financieroand brokerage firm J.P. Morgan Casade Bolsa SA de CV at AAA(mex).

The outlookis stable. Fitch also affirmed their short-term ratings at F1+(mex).

The ratingis based on potential support from the companies' ultimate parent, , which has an A+global scale rating. Given the small size of its Mexican subsidiaries, any suchsupport would likely have an insignificant impact on the parent company, Fitch said.

Bothsubsidiaries are integrated in operational and financial terms with their parentcompany, which creates synergies between them and with other subsidiaries globally,Fitch said.

Theircapital levels are adequate and are based on sustained profitability, Fitch noted.

Despitetheir relatively small size, the Mexican firms are strategically important for JPMorgan,which means it would likely provide support if needed, said Fitch.

Goingforward, the ratings could be downgraded if JPMorgan's capacity to provide supportis diminished or if the Mexican subsidiaries were no longer strategically important,which Fitch sees as very unlikely in the medium term.