S&P affirms Banorte

Standard & Poor's said it affirmed its BBB-/A-3 counterparty credit and CD ratings on Banco Mercantil del Norte SA (Banorte).

The outlook is stable.

"The ratings on Banorte reflect its good business profile, supported by its good market position and its successful strategy focused on maintaining sound asset quality," said S&P credit analyst Alfredo Enrique Calvo.

The agency said that the bank's financial profile is adequate, noting that the challenging economic environment - reflected in lower customer payment capacity, pressured profitability levels, and lower-than-peers adjusted capitalization levels - constrains the ratings.

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