-- Mexico-based financial institution Consupago has
transferred most of its assets and liabilities to its affiliate,
-- The MXN750 million senior unsecured notes that were
transferred to Consubanco currently have a 'BB' global scale
-- We are lowering our global scale issuer credit ratings on
Consupago to 'B' from 'BB' and national scale issuer credit
ratings to 'mxBBB-/mxA-3' from 'mxA/mxA-2'.
-- We are withdrawing the ratings at the issuer's request.
On Nov. 20, 2012, Standard & Poor's Ratings Services lowered
its global scale issuer credit rating on Consupago S.A. de C.V.
S.F.O.L. to 'B' from 'BB', and national scale issuer credit
ratings to 'mxBBB-/mxA-3' from 'mxA/mxA-2' after the transfer of
most of Consupago's assets to its affiliate, Consubanco, S.A.
Institucion de Banca Multiple (global scale BB/Stable/--;
national scale mxA/Stable/mxA-2).
This action also affects Consupago's debt ratings.
Immediately after, Standard & Poor's withdrew all ratings on
Consupago at the issuer's request. The outlook was stable prior
to the withdrawal.
The downgrade reflects the transfer's impact on Consupago's
business and financial positions. By transferring its entire
current portfolio to the bank, in our opinion, Consupago's
market position is now weaker, as its loan portfolio is now
comprised only of past due loans. Consupago's overall financial
performance will decline; however, a very strong capital level
might be an offsetting factor.
Standard & Poor's also withdrew the rating on commercial
paper, which was under a MXN1 billion program, totaled MXN620
million by the end of September, and was paid in October. We
also withdrew the rating on MXN500 million notes, which were not
issued. Consupago transferred the 'BB' rated MXN750 million
senior unsecured notes, which it issued in 2010, to the bank.
Related Criteria And Research
-- Consubanco, S.A. Institucion de Banca Multiple Rated
'BB', Outlook Stable, Nov. 20, 2012
-- Rating Finance Companies, March 18, 2004 Ratings List
Ratings Downgraded Consupago, S.A. de C.V. S.F.O.L Issuer Credit
Rating To From Global Rating Scale B/Stable/-- BB/Stable/--
- Mexican Rating Scale mxBBB-/Stable/mxA-3 mxA/Stable/mxA-2
Senior Unsecured Caval
- Mexican Rating Scale mxBBB- mxA Commercial Paper Caval
- Mexican Rating Scale mxA-3 mxA-2 Ratings Subsequently
Withdrawn Consupago, S.A. de C.V. S.F.O.L Issuer Credit Rating
To From Global Rating Scale NR B/Stable/--
Caval - Mexican Rating Scale NR mxBBB-/Stable/mxA-3 Senior
- Mexican Rating Scale NR mxBBB- Commercial Paper Caval -
Mexican Rating Scale NR mxA-3