Fitch affirms HSBC Mexico

Fitch Ratings said it affirmed HSBC Mexico's long-term issuer default rating at A-, short-term issuer default rating at F1, long-term local-currency issuer default rating at A, short-term local-currency issuer default rating at F1, long-term national scale rating at AAA(mex), short-term national scale rating at F1+(mex), national scale rating for local senior unsecured debt issues at AAA(mex) and national scale rating for local subordinated debt issues at AAA(mex).

The outlook is stable.

The ratings reflect the potential support from its ultimate parent, HSBC Holdings plc, Fitch said.

The ratings also consider its recently strengthened loss absorption capacity, strong franchise and sound liquidity, the agency said, which it partially mitigated by its currently weak asset quality and core profitability metrics.

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