Moody’s: Banorte unaffected by merger

Moody's Investors Service said Banco Mercantil del Norte, SA's (Banorte) Aaa.mx/MX-1 long- and short-term Mexican national scale deposit ratings and A3/Prime-2 long- and short-term global local and foreign currency deposit ratings are unaffected by its absorption of Banco Interacciones, SA.

Banorte's other ratings and assessments were similarly unaffected by the merger, the agency said.

The outlook is stable.

The agency said the ratings incorporate an expectation that the bank will maintain good capital and profitability, and strong asset quality, following its merger with Interacciones.

Furthermore, Banorte will continue to benefit from a stable core funding mix that will support profitability, Moody’s added.

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