Moody's boosts Mexican banks

Moody's Investors Service said it published the rating results for banks in Mexico as part of the application of its refined joint default analysis and updated bank financial strength rating methodologies.

The updated bank financial strength rating methodology has benefited the ratings of nearly every bank in Mexico. Relatively strong financial fundamentals and evolving franchises, combined with an improving regulatory environment, have been the main drivers of the upgrades for Mexican banks, the agency said.

The banks and ratings affected include:

Banco Nacional de Mexico, SA's bank financial strength rating is changed to C+ from C, local-currency deposit rating was assigned at Aa2/prime-1, foreign-currency deposit rating is unchanged at Baa1/prime-2. The foreign-currency senior debt rating also is unchanged at A1. The long-term Mexican national-scale rating was assigned at Aaa.mx. The short-term Mexican national-scale rating was assigned at MX-1.

BBVA Bancomer SA's bank financial strength rating is changed to C+ from C, local-currency deposit rating is changed to Aa2/prime-1 from A1/prime-1, local-currency senior debt rating is changed to Aa2 from A1, local-currency subordinated debt rating is changed to Aa3 from A2, foreign-currency deposit rating is unchanged at Baa1/prime-2, foreign-currency subordinated debt rating is changed to A1 from A3, long term Mexican national-scale rating is unchanged at Aaa.mx and short term Mexican national-scale rating is unchanged at MX-1.

Banco Santander SA's bank financial strength rating is changed to C from C-, local-currency deposit rating was assigned at Aa3/prime-1, foreign-currency deposit rating is unchanged at Baa1/prime 2, foreign-currency senior debt rating is unchanged at A1, long-term Mexican national-scale rating is unchanged at Aaa.mx, short-term Mexican national-scale rating is unchanged at MX-1.

HSBC Mexico, SA's bank financial strength rating changed to C from D+, local-currency deposit rating is changed to Aa2/prime-1 from A1/prime-1, local-currency senior debt rating is changed to Aa2 from A1, foreign-currency deposit rating is unchanged at Baa1/prime-2, foreign-currency senior debt rating is unchanged at A1, long-term Mexican national-scale rating is unchanged at Aaa.mx, short-term Mexican national-scale rating is unchanged at MX-1.

Banco Mercantil del Norte, SA's bank financial strength rating changed to C- from D+, local-currency deposit rating is changed to A2/prime-1 from A3/prime-2, foreign-currency deposit rating is unchanged at Baa1/prime-2, foreign-currency rating on subordinated preferred notes is changed to A3 from Baa1, subordinated non-preferred notes to Baa1 from Baa2, long-term Mexican national-scale rating is unchanged at Aaa.mx, short-term Mexican national-scale rating is unchanged at MX-1.

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