Moody's cuts some Mexican banks

Moody's Investors Service said it downgraded the global local currency deposit and senior debt ratings of:

• BBVA Bancomer to A1 from Aa2; subordinated debt eligible for tier 2 and tier 1 capital to A2 and A3, respectively;

• Banco Nacional de Mexico to A2 from Aa3;

• Banco Santander (Mexico) to A2 from Aa3;

• Banco Mercantil del Norte (global local current to A3 from A2; subordinated debt eligible for tier 2 and tier 1 capital to Baa1 and Baa2, respectively; and

• Scotiabank Inverlat to A2 from A1.

Moody's said it also lowered the local and foreign currency issuer ratings of government-related financial institutions Instituto para la Proteccion al Ahorro Bancario (to A2 from Aaa); Sociedad Hipotecaria Federal (to Baa1 from Aaa); Banco Nacional de Obras y Servicios Publicos (global local currency to Baa1 from Aaa); Banco Nacional de Comercio Exterior (foreign currency debt to Baa1 from A1); and Nacional Financiera (foreign currency debt to Baa1 from A1).

Moody's noted that it also lowered the local currency issuer rating of Asigna Compensacion y Liquidacion (to A2 from A1), as the credit rating of Asigna is tied to the local currency ratings of its principal clearing members, including BBVA Bancomer, Banamex, Banco Santander (Mexico) and Scotiabank Inverlat.

All have a stable outlook.

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