Moody's: Banorte notes Baa1, Aaa.mx

Moody's Investors Service said it assigned a long-term Baa1 global local currency subordinated debt rating to Banco Mercantil del Norte, SA's (Banorte) proposed fifth issuance of non-convertible subordinated notes of up to Ps. 3 billion, eligible for Tier 2 capital treatment.

Moody's de Mexico said it assigned its Aaa.mx Mexican national scale subordinated debt rating to the notes.

The outlook is stable.

The notes are issued under Banorte's program of Tier 2 subordinated notes established for up to Ps. 10 billion.

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