Moody's lowers eight Mexican banks

Moody's Investors Service said it downgraded to Baa1, from A3, the long-term global local and foreign issuer and debt ratings, where applicable of BBVA Bancomer, SA, Banco Mercantil del Norte, SA, Banco Santander Mexico, SA, Banco Nacional de Mexico, SA, HSBC Mexico, SA, Banco Nacional de Obras y Servicios Publicos, SNC, Nacional Financiera, SNC, Banco Nacional de Comercio Exterior, SNC and the deposit insurer, Instituto para la Proteccion al Ahorro Bancario.

The downgrades follow Moody’s April 17 of Mexico’s sovereign rating.

Moody's also affirmed the Aaa.mx/MX-1 long- and short-term Mexican national scale ratings of BBVA, Banorte, Santander Mexico, Citibanamex, HSBC Mexico, Banobras, Nafin, Bancomext, and the IPAB. Moody's also affirmed long- and short-term Mexican national scale ratings of Banco del Bajio SA at Aa2.mx/MX-1.

The rating outlook on BBVA, Banorte, Santander Mexico, Banobras, Nafin, Bancomext, and the IPAB remains negative.

Moody’s changed the rating outlook for Citibanamex and HSBC Mexico to stable from negative. The rating outlook on BanBajío was changed to negative from stable for its global local and foreign currency ratings.

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