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S&P affirms Scotiabank Inverlat's residential servicer ranking

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S&P affirms Scotiabank Inverlat's residential servicer ranking

Standard & Poor's Ratings Services on April 8 affirmedits "strong" ranking on Scotiabank Inverlat SA as a residential servicer for theMexican market.

The outlook is stable.

Scotiabank Inverlat is the banking division and mainsubsidiary of Grupo FinancieroScotiabank Inverlat SA de CV, which itself is a subsidiary ofBank of Nova Scotia.As of December 2015, Scotiabank Inverlat serviced a portfolio of approximately86,818 loans with an outstanding principal balance of approximately 81 billionMexican pesos.

Since S&P's last review in April 2014, the portfolio hasgrown about 40% from 58.2 billion pesos, which S&P attributed to threefactors: increased the operational capacity thanks to a specialized vendor,enhanced management in the mortgage broker's channel, and a stronger synergybetween Scotiabank Inverlat's branches and its sales force.

"In our opinion, SBI servicing operations areadequately supported by an experienced management team, comprehensive policiesand procedures, competent reporting capabilities, and a proficient portfolioperformance," S&P said. "Although SBI capabilities are alreadysound, we believe there is still room for further development in areas such assystems and technology and internal controls given its expected rapid portfoliogrowth."

S&P Ratings andGlobal Market Intelligence are owned by McGraw Hill Financial Inc.

As of April 8, US$1was equivalent to 17.73 Mexican pesos.