S&P affirms Banco Mercantil

Standard & Poor's said that it affirmed the BBB-/A-3 counterparty credit and certificate of deposit ratings on Banco Mercantil del Norte SA and the BBB- rating on its senior debt.

The outlook is stable.

The ratings reflect Banorte's above-average business profile, namely its good market position, and a successful strategy that focuses on maintaining good asset quality, S&P said.

The ratings also reflect the bank's average financial profile, which incorporate its adequate asset quality and capitalization levels, the agency said.

The ratings are constrained by lagging profitability and strong competition in the Mexican banking industry, the agency added.

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