Moody’s acts on Mexican banks

Moody’s Investors Service said it affirmed the senior debt, deposit and issuer ratings of seven Mexican banks and the bank deposit insurer, Instituto para la Protección al Ahorro Bancario (IPAB), and changed their outlooks to stable from negative.

Specifically, the agency revised the outlooks and affirmed the local and foreign currency deposit and/or senior unsecured debt ratings of four commercial banks, including BBVA Bancomer, SA, Banco Nacional de México, SA (Citibanamex), Banco Mercantil del Norte, SA (Banorte) and Banco Santander (México), SA (Santander), the local and foreign currency issuer and/or senior unsecured debt ratings of three development banks, including Nacional Financiera, SNC (Nafin), Banco Nacional de Obras y Servicios Públicos (Banobras), Banco Nacional de Comercio Exterior, SNC (Bancomext) and the local and foreign currency issuer ratings of IPAB.

At the same time, Moody's affirmed Banorte's baa2 baseline credit assessment and adjusted BCA, as well as Banobras's Aaa.mx Mexican national scale senior unsecured debt ratings.

The agency said the actions follow the change in outlook to stable from negative on Mexico's government bond rating of A3.

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