Fitch affirms GFNorte

Fitch Ratings said it affirmed Grupo Financiero Banorte's viability rating at BBB and its long- and short-term issuer default ratings at BBB and F2, respectively.

The viability ratings of its two banking subsidiaries, Banco Mercantil del Norte and Ixe Banco were affirmed at BBB and BB, respectively, while their long- and short-term issuer default ratings were affirmed at BBB and F2 for both entities, the agency added.

Banorte's viability rating is driven by its overall adequate financial condition, relative resilience during the recent crisis and gradually improving franchise and competitive position, Fitch noted.

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