S&P: Banco Mercantil positive

Standard & Poor's said it revised its outlook on Banco Mercantil del Norte SA to positive from stable and affirmed its long-term BBB- and short-term A-3 issuer credit ratings on the bank.

The agency said it also assigned long-term mxAA+ and short-term mxA-1+ Mexican national scale ratings on Banorte. The outlook is positive.

The agency also affirmed its BBB- and BBB-/A-3 ratings on Banorte's senior unsecured debt and certificates of deposit, respectively. The stand-alone credit profile is bbb-.

"The outlook revision reflects our view that Banorte has been gradually improving its risk position," said S&P credit analyst Alfredo Calvo in a news release.

"Among other things, the bank has been successful in strengthening its risk diversification, particularly in its states and municipalities loan portfolio."

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