Moody’s rates Banorte notes A3

Moody's Investors Service said it assigned an A3 rating to Banco Mercantil del Norte, SA's Swiss franc-denominated notes due 2023 for up to CHF 160 million. The notes will be sold by the Banorte’s Cayman Islands branch but will be guaranteed by the bank.

The A3 rating mirrors the bank’s “robust profitability,” Moody’s said.

The outlook is negative.

“The negative outlook derives from the negative outlook on Mexico's sovereign debt rating, which incorporates our assessment of the government's capacity to provide financial support to Banorte in an event of stress, in light of its systemic importance,” said Moody’s in a press release.

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