Fitch: GFNorte, Banorte view to stable

Fitch Ratings said it affirmed Grupo Financiero Banorte, SAB de CV’s (GFNorte) and Banco Mercantil del Norte, SA's (Banorte) viability ratings at bbb+, as well as their long-term foreign and local currency issuer default ratings at BBB+.

The outlook was revised to stable from negative.

In addition, the agency affirmed GFNorte and Banorte's short-term foreign- and local-currency issuer default ratings at F2. It also affirmed their non-banking subsidiaries national scale ratings at AAA(mex) and F1+(mex).

Fitch said Banorte's issuer default ratings are sensitive to changes in Mexico's sovereign rating on the down side. Therefore, the bank's outlook revision follows the Aug. 3 affirmation of Mexico's sovereign rating at BBB+ and revision of the sovereign outlook to stable from negative. The bank's outlook was revised to stable from negative as part of a peer review of major Mexican banks.

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