Moody's cuts three Mexican banks

Moody's Investors Service said it downgraded the issuer ratings assigned to Banco Mercantil del Norte, SA (Banorte), Nacional Financiera, SNC (Nafin), Banco Nacional de Comercio Exterior, SNC (Bancomext) to Baa2 from Baa1 and changed their outlooks to stable from negative.

Moody's also downgraded the subordinated debt ratings of Bancomext Cayman's subordinated capital notes to Ba1(hyb) from Baa3(hyb).

“These actions follow the downgrade of the government of Mexico's sovereign debt rating to Baa2 from Baa1, outlook changed to stable, on July 8,2022,” the agency said in a press release.

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