S&P lifts 8 Mexico banks

Standard & Poor's said it raised the local- and foreign-currency short-term ratings on eight Mexican banks to A-2 from A-3.

Those banks include Banco Inbursa SA, Banco Nacional de Mexico SA (Banamex), Banco Santander (Mexico) SA, BBVA Bancomer SA, HSBC Mexico SA, Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit), Instituto Para La Proteccion al Ahorro Bancario and Scotiabank Inverlat SA.

The ratings on these financial institutions are limited by the foreign-currency ratings on the sovereign, S&P said, and the upgrade does not reflect an improvement in the view of these banks' short-term creditworthiness.

All of the other ratings and outlooks remain unchanged.

The action on these entities mirrors the same rating action the agency took on the short-term foreign-currency rating on Mexico, S&P said.

The upgrade results from the revision of the agency's criteria on the linkage between the long- and short-term ratings on sovereigns, S&P said.

The ratings on the six universal banks are the same as, or limited by, the sovereign rating on Mexico as a result of their large asset exposure to the sovereign, the agency added.

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