Fitch acts on Mexican banks

Fitch Ratings said it conducted a portfolio review of Mexican banks following the downgrade of Mexico’s sovereign rating to BBB- from BBB.

Fitch downgraded Banco Nacional de Mexico SA and HSBC Mexico to BBB+ from A- due to the maximum support-driven uplift of two notches above the sovereign rating as per the agency's criteria. The outlook on both entities is stable.

The agency affirmed the rating of Banco Monex SA’s BB+ rating as well as the BB- rating of Consubanco, SA, Institucion de Banca Multiple.

Fitch downgraded Banco del Bajio to BB+ from BBB- and the Banco Mercantil del Norte, SA, Institucion de Banca Multiple and Grupo Financiero Banorte to BBB- from BBB.

The agency also downgraded Banca Mifel SA to BB- from BB+, Banco Inbursa SA to BBB- from BBB and Banco Compartamos, SA, Institucion de Banca Multiple to BB+ from BBB-

Fitch put BBVA Bancomer, SA’s ratings on rating watch.

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