Moody's rates Banorte notes A3, Baa1

Moody's de México, SA said it assigned Aaa.mx Mexican national scale subordinated debt ratings to Banco Mercantil del Norte, SA's (Banorte) first takedowns under its new Ps. 10 billion tier II subordinated note program and Ps. 5 billion tier I subordinated note program. The first takedown under the tier II program will total no more than Ps. 2.5 billion, and the takedown under the tier I program will be no more than Ps. 3 billion.

The agency also assigned long-term global local-currency subordinated debt ratings of A3 and Baa1 to the tier II and tier I notes, respectively.

Moody's noted that the A3 subordinated debt rating assigned to the tier II notes is one notch below the bank's global local-currency deposit rating of A2, in line with the agency's notching guidelines for bank junior securities. In the same way, the Baa1 subordinated debt rating for the tier I notes is two notches below the bank's senior debt rating, in an indication of the different seniorities of these debt instruments.

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