S&P affirms Banco Monex

S&P said it affirmed its BB+/B global scale and mxA+/mxA-1 national scale ratings on Banco Monex, SA, Institucion de Banca Multiple, Monex Grupo Financiero (Banco Monex). At the same time, the agency affirmed its mxA+/mxA-1 ratings on Monex Casa de Bolsa SA.

The outlook on all ratings remains stable.

“Our ratings on Banco Monex reflect its leading position in the FX segment, although the bank still has a small share of the Mexican banking industry in terms of loans and deposits,” S&P said in a news release.

“Also, our ratings are based on our projected RAC ratio of about 10.3% for the next two years, following a recent capital injection of MXN500 million into Banco Monex, and adequate internal capital generation despite higher non-performing assets.”

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