Moody's affirms Banorte; outlook negative

Moody's Investors Service said it affirmed its ratings for Banco Mercantil del Norte, SA, including the bank financial strength rating of C- and global local currency deposit ratings of A2/Prime-1.

The outlook for the ratings was changed to negative from stable.

Moody's said it also affirmed Banorte's Aaa.mx/MX-1 Mexican national-scale ratings, which maintain a stable outlook.

The issuer ratings of Arrendadora y Factor Banorte were also affirmed with a negative outlook, the agency noted, adding that the change in outlook to negative on the global-scale ratings reflects the potential effects the weaker credit environment and Mexico's economic deceleration may have on the bank's asset quality and profitability.

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