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Prospect News home > News index > List of issuers B > Headlines for Banco Mercantil del Norte SA (Banorte) > News item |
Moody's rates Banorte notes Baa1, Baa2
Moody's Investors Service said it assigned a Baa1 long-term foreign-currency debt rating to the subordinated preferred notes of Mexico-based Banco Mercantil del Norte, SA (Banorte) and a Baa2 long-term foreign-currency debt rating to the bank's subordinated non-preferred notes.
Banorte - acting through its Grand Cayman branch - will sell these notes under international law, and the preferred and non-preferred notes are eligible to account as tier 2 and tier 1 capital, respectively, the agency noted.
Banorte's ratings incorporate its national franchise and broad and granular deposit base as well as the bank's improving financial fundamentals, particularly in terms of profitability and asset quality. Moody's said quality of management is another positive rating consideration, as indicated by its expertise in successfully integrating acquired banks while strengthening asset quality and rationalizing costs.
The agency said the ratings are constrained by the highly competitive pressures posed by the Mexican banking system and by the continuous challenge to maximize Banorte's business franchises.
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