Fitch ups Mexican banks

Fitch Ratings said it upgraded the issuer default ratings and support rating floors of Nacional Financiera, Banco Nacional de Comercio Exterior and Banco Nacional de Obras y Servicios Publicos, as well as the non-bank entities Infonavit and IPAB following the recent upgrade of Mexico's sovereign ratings.

The local currency issuer default ratings were upgraded to A- from BBB+, while the foreign currency issuer default ratings and support floors were upgraded to BBB+ from BBB.

Fitch said the ratings remain aligned with the sovereign ratings, reflecting the high probability that these banks would receive support from Mexico's federal government if required, according to an explicit guarantee stated in their respective organic laws.

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