S&P: Banco Monex on watch

S&P said it placed the BB+ long-term global scale and mxA+/mxA-1 national scale ratings on Banco Monex SA on CreditWatch with negative implications.

The agency also said it placed the mxA+/mxA-1 ratings on Monex Casa de Bolsa SA and the mxA issuer credit and issue-level ratings on its ultimate parent company, Monex SAB de CV, on CreditWatch negative.

The agency also said it affirmed the B short-term global scale on Banco Monex.

The CreditWatch negative listing reflects the pressure on the bank's risk-adjusted capital ratio after news that Monex terminated the participation agreement with Ventura Capital Privado, SA de CV.

This agreement would have resulted in a capital injection of Ps. 1 billion in Banco Monex, the agency said.

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