Fitch revises 17 Mexico banks

Fitch Ratings said it reviewed the ratings on 17 Mexican financial institutions following the downgrade of Mexico's sovereign ratings to BBB from BBB+.

The review included the banks that Fitch said it believes are more sensitive to a sovereign downgrade or any deterioration of the operating environment, including those with issuer default ratings, viability ratings or insurers financial strength ratings that are at, above or one notch below the sovereign rating level.

The outlook on all of the banks remains stable.

Banco Nacional de Comercio Exterior, SNC's (Bancomext) long-term foreign- and local-currency issuer default ratings were downgraded to BBB from BBB+, short-term foreign- and local-currency issuer default rating were affirmed at F2 and the rating on its long-term hybrid securities notes was downgraded to BBB- from BBB.

Banco Nacional de Obras y Servicios Publicos, SNC's (Banobras) long-term foreign- and local-currency issuer default rating were downgraded to BBB from BBB+ and its short-term foreign- and local-currency issuer default ratings were affirmed at F2.

Nacional Financiera, SNC's (Nafin) long-term foreign- and local-currency issuer default rating was downgraded to BBB from BBB+, short-term foreign- and local-currency issuer default rating was affirmed at F2, long-term senior unsecured debt issuances was downgraded to BBB from BBB+, senior unsecured certificates of deposits program and outstanding issuances were downgraded to BBB from BBB+ and short-term portion of the CDs program was affirmed at F2.

Instituto del Fondo Nacional de la Vivienda para los Trabajadores's (Infonavit) long-term foreign- and local-currency issuer default ratings were downgraded to BBB from BBB+ and its short-term foreign- and local-currency issuer default rating were affirmed at F2.

Instituto para la Proteccion al Ahorro Bancario's (IPAB) long-term foreign- and local-currency issuer default ratings were downgraded to BBB from BBB+ and its short-term foreign- and local-currency issuer default ratings were affirmed at F2.

Banco Nacional de Mexico, SA's (Citibanamex) long-term foreign- and local-currency issuer default ratings were downgraded to A- from A, viability rating to BBB+ from A- and its short-term foreign- and local-currency issuer default ratings were affirmed at F1.

BBVA Bancomer, SA's long-term foreign- and local-currency issuer default ratings were downgraded to BBB+ from A-, short-term foreign- and local-currency issuer default ratings to F2 from F1, viability rating to BBB+ from A-, long-term hybrid securities notes to BB+ from BBB-, long-term hybrid junior securities notes to BB from BB+ and long-term Basel III compliant tier 2 hybrid securities notes to BB+ from BBB-.

Banco Mercantil del Norte, SA's (Banorte) long-term foreign- and local-currency issuer default ratings were downgraded to BBB from BBB+, short-term foreign- and local-currency issuer default ratings to F3 from F2, viability rating to BBB from BBB+, $500 million tier 2 subordinated preferred capital notes to BB from BB+ and $120 million junior subordinated securities to BB- from BB.

Grupo Financiero Banorte, SAB de CV's (GFNorte) long-term foreign- and local-currency issuer default ratings were downgraded to BBB from BBB+, short-term foreign- and local-currency issuer default rating to F3 from F2 and viability rating to BBB from BBB+.

Banco Santander (Mexico), SA's (SAN Mexico) long-term foreign- and local-currency issuer default ratings were affirmed at BBB+, short-term foreign- and local-currency issuer default rating at F2, viability rating downgraded to BBB from BBB+, long-term senior unsecured global notes affirmed at BBB+, long-term Basel III compliant tier 2 hybrid securities affirmed at BBB- and perpetual hybrid securities non-preferred contingent convertible capital notes affirmed at BB.

Banco Inbursa, SA's (Banco Inbursa) long-term foreign- and local-currency issuer default ratings were downgraded to BBB from BBB+, short-term foreign- and local-currency issuer default ratings to F3 from F2, viability rating to BBB from BBB+, 10-year 4 1/8% senior unsecured notes to BBB from BBB+ and 10-year 4 7/8% senior unsecured notes to BBB from BBB+.

HSBC Mexico, SA's long-term foreign- and local-currency issuer default ratings were downgraded to A- from A, short-term foreign- and local-currency issuer default ratings were affirmed at F1 and viability rating at BBB-.

Banco Compartamos, SA IBM's (Banco Compartamos) long-term foreign- and local-currency issuer default ratings were downgraded to BBB- from BBB, short-term foreign- and local-currency issuer default ratings to F3 from F2, viability rating to BBB- from BBB.

Bolsa Mexicana de Valores, SAB de CV's long-term foreign- and local-currency issuer default ratings were affirmed at BBB+ and short-term foreign- and local-currency issuer default ratings at F2.

Asigna Compensacion y Liquidacion F30430 FISO Bancomer, SA's (Asigna) long-term foreign- and local-currency issuer default ratings were affirmed at BBB+ and short-term foreign- and local-currency issuer default ratings at F2.

Contraparte Central de Valores de Mexico, SA de CV's long-term foreign- and local-currency issuer default ratings were affirmed at BBB+ and short-term foreign- and local-currency issuer default ratings at F2.

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