Fitch affirms Banorte

Fitch Ratings said it affirmed Banco Mercantil del Norte's BBB long-term issuer default and C individual ratings.

The outlook remains stable.

The bank's ratings are driven by its overall adequate financial condition, relative resilience during the recent crisis, and gradually improving franchise and competitive position, according to the agency.

Ratings also factor in the entities' moderate, although improving, loss absorption capacity and the still worsening asset quality metrics in some of its key business lines, Fitch said.

Given Banorte's systemic importance and its role as the largest domestically owned bank, its support rating and support rating floor were affirmed at 2 and BBB-, respectively, Fitch said.

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