S&P lowers ING Bank Mexico

Standard & Poor's said it lowered its global scale issuer credit rating to BB-/B from BBB-/A-3 and Mexican national scale rating to mxA-/mxA-2 from mxAA/mxA-1+ on ING Bank Mexico SA.

The agency also said it lowered the rating on the bank's 400 million in Mexican pesos non-preferred, noncumulative, subordinated nonstop-up notes to mxBBB from mxAA-.

The downgrade follows a revision of the bank's group status to a nonstrategic subsidiary status from strategic, S&P said.

The agency said it believes the business operation in Mexico is no longer aligned with the long-term strategy of the parent bank, ING Bank NV.

As such, the issuer credit rating on ING Bank Mexico will receive no parent support for its stand-alone credit profile, S&P said.

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