...Shareholder Support Rating Drives Ratings: HSBC Mexico, S. A., Institucion de Banca Multiple, Grupo Financiero HSBC's (HSBC Mexico) ratings are driven by its Shareholder Support Rating (SSR) of 'bbb+', which reflects Fitch Ratings' assessment of HSBC Holdings plc's (HSBC) ability and propensity to provide support if the need arises. The support strength is reflected in HSBC's Viability Rating (VR) at 'a+' and the Mexican bank's small size relative to its shareholder, which is less than 2% of HSBC's consolidated assets as of June 2026. Stable Operating Environment (OE): The country's estimated GDP per capita for 2026 is USD16,018 and Fitch's Operational Risk Index percentile was 47.9% in July 2026, which supports the implied score of 'bbb'. The OE's score of 'bb+'/stable is below its implied score of 'bbb'. Fitch applies a negative adjustment considering economic performance since, although operating conditions for Mexican banks remain subdued, economic performance continues to influence...
