Moody's drops HSBC Mexico

Moody's Investors Service said it downgraded HSBC Mexico's bank financial strength rating to C- from C, which maps to an unsupported baseline credit assessment of Baa1, from A3.

Moody's said it also lowered the bank's global local-currency long-term deposit and debt ratings to A2 from Aa2, and confirmed the Prime1 short- term rating.

At the same time, the bank's long- term subordinated debt ratings (eligible for tier 2 and tier 1 capital treatment, respectively) were downgraded to A3 and Baa1, the agency said.

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