S&P affirms HSBC Mexico

Standard & Poor's said it revised the outlook on HSBC Mexico SA to stable from positive and affirmed the BBB+/A-2 counterparty credit and CD ratings as well as the mxAAA/mxA-1+ national scale rating.

The outlook revision is due to the bank's weaker-than-expected overall performance, S&P said.

Ratings reflect the company's adequate standalone creditworthiness and strong market position, the agency noted.

Ratings are constrained by banking industry country risks related to the Mexican operating environment (BBB+/stable/A-2; A+/stable/A-1), as well as lending risks and the tough competitive environment in the Mexican banking sector, S&P said.

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