Moody's rates Banorte certificares Aaa.mx, Aa3.mx

Moody's Investors Service said it assigned a rating of Aaa.mx and Baa1 (global scale, local currency) to the senior certificates BNTECB 07 and a rating of Aa3.mx and Baa3 to the subordinated certificates BNTECB 07-2 of Banco Mercantil del Norte, SA, Institución de Banca Múltiple, Grupo Banorte issued by Banco J.P. Morgan, SA Institución de Banca Multiple, J.P. Morgan Grupo Financiero, División Fiduciaria acting solely in its capacity as trustee.

Interest and principal to certificate holders will be primarily payable with cash flow derived from a portfolio of loans granted to states and municipalities in Mexico which are backed by federal participation revenues assigned to the trust, which was established under the laws of Mexico, the agency said.

Moody's said that the ratings are based on the strength of the cash flow derived from a portfolio of loans assigned to the trust, granted to states and municipalities in Mexico originated and administered by Banorte, which are backed by federal participation revenues.

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