Moody's affirms HSBC Mexico

Moody's Investors Service said it affirmed the ratings on HSBC Mexico, SA, including its C- standalone strength, A2/Prime-1 global local currency and Baa1/Prime-2 foreign currency deposit ratings.

The bank's A2 global local currency senior debt rating as well as the provisional subordinated and junior subordinated debt ratings of A3 and Baa1, respectively, were also affirmed.

At the same time, Moody's said it affirmed the bank's Aaa.mx/MX-1 Mexican national scale ratings and its Aaa.mx/MX-1 subordinated debt ratings.

The outlook is stable.

Moody's said the ratings affirmations reflect the bank's improving asset quality and adequate capitalization, which should support its plans for loan expansion within the existing customer base.

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