Grupo Nacional Provincial S.A.B. #BBB+# Global Scale And #mxAAA# National Scale Ratings Affirmed, Outlook Remains Stable

Stocks and Financial Services Press Releases Tuesday January 23, 2018 09:22
MEXICO CITY--23 Jan--S&P Global Ratings

MEXICO CITY (S&P Global Ratings) Jan. 22, 2018--S&P Global Ratings affirmed its 'BBB+' global scale and 'mxAAA' national scale financial strength and counterparty credit ratings on Grupo Nacional Provincial S.A.B. (GNP). The outlook on both ratings remains stable.

In our opinion, GNP's strong business risk profile continues to support the ratings. The company's large market presence and leading position in Mexico, combined with sound product diversification and its solid brand, support its strong competitive position. Moreover, the company reported strong operating income in 2016 and for the first nine months of 2017, which further supports our view of the business risk profile. On the other hand, GNP's capital adequacy, according to S&P's risk-based capital model for insurers, remains adequate but on the lower end of the spectrum. This is because it stands about 14% below our benchmark for our 'BBB' rating category, which is close to the threshold for a weaker assessment of GNP's financial risk profile. However, our expectation for solid internal capital generation through earnings provides some level of comfort on the stability of the company's capital base in the next two years.

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