Bancomer Local Rtgs on S&PWatch,Foreign Outlk Stable.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 10/2/98--Standard & Poor's today placed its triple-'B'-minus/'A-3' local currency counterparty Counterparty The other participant, including intermediaries, in a swap or contract. credit ratings of Bancomer S.A. on CreditWatch with negative implications. In addition, Standard & Poor's affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. its double-'B'/single-'B' foreign currency counterparty credit ratings on the company. The foreign currency outlook has been revised to stable from positive. The rating actions reflect Standard & Poor's concern over Bancomer's deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in capital levels. The current market turmoil will have an impact on the ability of the bank to report acceptable levels of profitability and internally generate capital. Market volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the during the third quarter of 1998 was more significant than the first six months of the year. Standard & Poor's is concerned over the potential reduction in profitability in the third quarter of 1998 and a further deterioration in asset quality. Standard & Poor's will evaluate the impact of these two factors on the bank's financial condition. Regarding the proposed swap of large loans sold to Fobaproa for small debtors' loans, Standard & Poor's will assess its impact on the bank if Congress decides to approve it. At the moment, it is impossible to determine whether the proposal will benefit or harm Bancomer's financial profile. OUTLOOK (FOREIGN CURRENCY RATING): STABLE The outlook reflects the newly revised outlook of the United Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum States' sovereign SOVEREIGN. A chief ruler with supreme power; one possessing sovereignty. (q.v.) It is also applied to a king or other magistrate with limited powers. 2. In the United States the sovereignty resides in the body of the people. Vide Rutherf. Inst. 282. ratings, Standard & Poor's said. -- CreditWire |
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