S&P cuts four Mexican financials

S&P said it lowered the long-term global scale local currency ratings on Banco Nacional de Comercio Exterior SNC, Instituto Para La Proteccion al Ahorro Bancario and Nacional Financiera SNC (Nafin) to A- from A.

The outlooks are stable.

The agency also lowered the long-term global scale local currency rating on Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit) to BBB+ from A and affirmed its short-term global scale local currency rating at A-2.

S&P said the action follows similar action taken on Mexico's local currency sovereign rating.

“The rating action doesn't indicate that we think the creditworthiness of Mexico and the four GREs has deteriorated. Instead, it reflects recent revisions to our methodology for sovereign ratings,” the agency said in a news release.

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