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Fitch assigns several ratings to Santander Mexico

Fitch Ratings on Dec. 22 assigned several ratings to Grupo Financiero Santander Mexico SAB de CV, including a viability rating of bbb+ and a support rating of 2.

The rating agency also issued to the bank long- and short-term local and foreign currency issuer default ratings of BBB+ and F2, respectively. The long- and short-term national ratings on the bank, meanwhile, were set at AAA(mex) and F1(mex), respectively.

The outlook is stable.

According to Fitch, the viability rating assignment reflects the financial performance of the company's main operating subsidiary, Banco Santander (México) SA Institución de Banca Múltiple.

The national scale ratings, meanwhile, reflect the company's stand-alone profile. "Nevertheless, the group's IDRs are currently at the same level as would be derived from the institutional support approach," given that Santander Mexico is viewed as a strategically important entity for parent company Banco Santander SA, Fitch said.

The support rating took into account the high probability of receiving support from its parent company, if needed, given the strategic role of the Mexican subsidiary within the group, Fitch noted.