BBVA Bancomer's Ratings Affirmed by Fitch.

NEW YORK -- Fitch has affirmed Mexico's BBVA Bancomer ratings as follows:

-- Long-term foreign currency 'BBB-' (Outlook Stable);

-- Short-term foreign currency 'F3';

-- Long-term local currency 'BBB+';

-- Short-term local currency 'F2';

-- Individual 'C' and Support '2'.

BBVA Bancomer's debt and support ratings reflect its strong ownership as the bank is wholly owned by Spain's Banco Bilbao Vizcaya Argentaria (BBVA). The individual rating reflects the bank's strong franchise and predominant position within the Mexican banking system, as well as its significantly improved financial profile despite a challenging economic environment.

BBVA Bancomer is Mexico's largest bank by total assets and deposits, with a market share of around 25% and 28%, respectively, at the end of June 2004. In March 2004, BBVA acquired 39.46% of the outstanding shares of Grupo Financiero BBVA Bancomer, GFBB, itself owner of BBVA Bancomer, and increased its ownership from 59.4% to 99.7% at the end of June 2004. Until 2000, BBVA Bancomer was controlled by Grupo Financiero Bancomer (GFB), a leading domestic financial services group. However, in July 2000, an agreed capital contribution by BBVA resulted in the latter gaining management control of GFB. As part of the deal, BBVA merged its Mexican subsidiary, Grupo Financiero BBV Probursa (GFP), with GFB. The merged group was named Grupo Financiero BBVA Bancomer (GFBB). Since the merger, GFBB's banking operations have been reorganized; while traditional banking-related activities were transferred to BBVA Bancomer (which accounts for 97.4% of the group's assets), activities related to investment banking, trusts, investment fund management, and ATMs, among others, were transferred to Banco Bilbao Vizcaya -- Mexico (renamed BBVA Bancomer Servicios). These two form GFBB's 'banking business.'