Moody's lowers ING Bank (Mexico)

Moody's Investors Service said it downgraded ING Bank (Mexico), SA, Institucion de Banca Multiple's bank financial strength rating to D- from D+, long-term local and foreign currency deposit ratings to Baa3 from A3 and Baa1 respectively and the short-term local and foreign currency deposit ratings to Prime-3 from Prime-2.

ING Mexico's standalone credit assessment was lowered to Ba3 from Baa3.

Moody's also downgraded ING (Mexico), SA de CV, Casa de Bolsa, ING Grupo Financiero's (ING Casa de Bolsa) long-term local currency issuer rating to Baa3 from A3 and short-term local currency issuer rating to Prime-3 from Prime-2.

At the same time, Moody's de Mexico downgraded ING Mexico's long-term Mexican national scale deposit rating to Aa3.mx from Aaa.mx and short-term Mexican national scale deposit rating to MX-2 from MX-1.

Moody's de Mexico also downgraded ING Casa de Bolsa's long-term Mexican national scale issuer rating to Aa3.mx, from Aaa.mx, and short-term Mexican national scale issuer rating to MX-2, from MX-1.

All ratings remain on review for possible downgrade.

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