S&P affirms Banorte

S&P said it affirmed its BBB+ long-term and A-2 short-term global scale issuer credit ratings on Banco Mercantil del Norte SA Institucion de Banca Multiple Grupo Financiero Banorte (Banorte), and affirmed the mxAAA/mxA-1+ long- and short-term national scale ratings.

S&P also affirmed the bank's BB+ issue-level rating on its $120 million junior subordinated hybrid notes due 2020, as well as the BB rating on its $900 million perpetual callable junior subordinated non-preferred non-cumulative tier 1 capital notes.

The agency also revised the bank’s stand-alone credit profile to a- from bbb+.

Finally, S&P affirmed the mxAAA long- and mxA-1+ short-term issuer credit rating on Banorte's core entity and securities firm, Casa de Bolsa Banorte Ixe, SA de CV, Grupo Financiero Banorte y Subsidiarias.

The outlooks are stable.

The agency said the actions reflect that Banorte has consistently gained market share in the highly competitive Mexican banking system along with sound business stability.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.