Moody's ups Banorte notes to Baa1

Moody's Investors Service said it upgraded to Baa1 from Baa2 the long-term foreign currency subordinated debt rating on Mexico-based Banco Mercantil del Norte SA's existing $300 million unsecured subordinated obligations due in 2014, issued through its Cayman Branch. The outlook is stable.

This rating action is the result of an examination of Banorte's ratings in light of the revision of Moody's rating methodology for assigning foreign currency country bonds ceilings.

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