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Fitch affirms ratings of 11 Mexican subsidiaries of Global Trading and Universal Banks

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Fitch affirms ratings of 11 Mexican subsidiaries of Global Trading and Universal Banks

FitchRatings on April 27 affirmed the national long-term rating of 11 Mexican subsidiariesof Global Trading and Universal Banks at AAA(mex). The ratings outlook is stable.

Thesesubsidiaries, including banks and brokerage firms, are as follows: ,Merrill Lynch Mexico, S.A. de C.V,Banco J.P. Morgan SA Institución deBanca Múltiple JP Morgan Grupo Financiero, J.P. Morgan Casa de Bolsa SA de CV, Goldman Sachs MexicoS.A. de C.V., Morgan Stanley México S.A. de C.V., UBS Bank México SA Institución de Banca Múltiple UBS Grupo Financiero,UBS Casa de Bolsa S.A. de C.V., BarclaysBank México SA, BarclaysCapital Casa de Bolsa and Bankof Tokyo-Mitsubishi UFJ (México) SA.

Fitchalso affirmed their short-term rating at F1+(mex).

In the case of Barclays Bank México and its brokerage firm, the ratings reflect thesupport the subsidiaries would receive, if required, from their ultimate holdingcompany, .

As for UBSBank México and its brokerage firm, the ratings reflect the support the subsidiarieswould receive, if required, from their ultimate holding company, .

MorganStanley México's rating reflects the support it would receive, if required,from its ultimate holding company, MorganStanley.

As for GoldmanSachs Mexico, its rating reflects the support it would receive, if required,from its ultimate holding company, GoldmanSachs Group Inc.

Finally, in the case of Bank of Tokyo-Mitsubishi UFJ, its ratings reflect thesupport the bank would receive, if required, from its ultimate holding company

With all of these subsidiaries, the capacity and willingnessof the parent company toprovide support is based on the strong operational and commercial synergies withtheir Mexican units, Fitch said. In addition, given that the Mexican companies generallyserve a market considered strategically important to the parent, any support wouldlikely be timely and sufficient, the rating agency noted.