Moody's rates Banorte notes A3

Moody's Investors Service said it assigned its long-term foreign-currency senior debt rating of A3 to Banco Mercantil del Norte, SA's senior unsecured notes of up to $400 million due 2015 and issued through its Grand Cayman Branch.

The outlook is stable.

Moody's noted that the assigned foreign-currency senior debt rating of A3 is two notches below Mexico's A1 foreign-currency bond ceiling.

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