Fitch: Mexican financial companies views to negative

Fitch Ratings said it conducted a portfolio review of selected Mexican financial institutions following the recent revision of Mexico's sovereign rating outlook to negative from stable.

The review included Mexican financial companies with issuer default ratings, viability ratings or insurer's financial strength ratings that are at or higher than the sovereign level, as well as one notch less than the sovereign rating, the agency said.

Fitch said it believes these ratings are more sensitive to a potential sovereign downgrade or any deterioration of the operating environment over the near term.

No changes are expected in the national scale ratings of these companies since these ratings are local relative rankings of creditworthiness within a particular jurisdiction, the agency said.

The outlooks on these companies were revised to negative from stable, in line with the sovereign outlook change.

Banco Nacional de Comercio Exterior, SNC’s (Bancomext) long-term foreign- and local-currency issuer default ratings were affirmed at BBB+ and its outlook was revised to negative from stable.

Banco Nacional de Obras y Servicios Publicos, SNC’s (Banobras) long-term foreign- and local-currency issuer default ratings were at BBB+ and its outlook was revised to negative from stable.

Nacional Financiera, SNC’s (Nafin) long-term foreign- and local-currency issuer default ratings were affirmed at BBB+ and its outlook was revised to negative from stable.

Instituto del Fondo Nacional de la Vivienda para los Trabajadores’s (Infonavit) long-term foreign- and local-currency issuer default ratings were affirmed at BBB+ and its outlook was revised to negative from stable.

Instituto para la Proteccion al Ahorro Bancario’s (IPAB) long-term foreign- and local-currency issuer default rating was affirmed at BBB+ and its outlook was revised to negative from stable.

Banco Nacional de Mexico, SA’s (Citibanamex) long-term foreign- and local-currency issuer default ratings were affirmed at A and its outlook was revised to negative from stable.

BBVA Bancomer, SA’s long-term foreign- and local-currency issuer default ratings were affirmed at A- and its outlook was revised to negative from stable.

Banco Santander (Mexico), SA’s long-term foreign- and local-currency issuer default ratings were affirmed at BBB+ and its outlook was revised to negative from stable.

Banco Inbursa, SA’s long-term foreign- and local-currency issuer default ratings were affirmed at BBB+ and its outlook was revised to negative from stable.

HSBC Mexico, SA’s long-term foreign- and local-currency issuer default ratings were affirmed at A and its outlook was revised to negative from stable.

Grupo Financiero Banorte, SAB de CV’s long-term foreign- and local-currency issuer default rating was affirmed at BBB+ and its outlook was revised to negative from stable.

Banco Mercantil del Norte, SA’s (Banorte) long-term foreign- and local-currency issuer default ratings were affirmed at BBB+ and its outlook was revised to negative from stable.

Banco Compartamos, SA IBM’s (Compartamos) long-term foreign- and local-currency issuer default ratings were affirmed at BBB and its outlook was revised to negative from stable.

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