Fitch Ratings on Oct. 11 affirmed Banco Monex SA Institución de Banca Múltiple Monex Grupo Financiero's A+(mex) long- and F1(mex) short-term national ratings.
Fitch also maintained the A+(mex) long- and F1(mex) short-term national ratings of Monex Casa de Bolsa SA de CV Monex Grupo Financiero and the A(mex) long- and F1(mex) short-term national ratings of Monex SAB de CV. The long-term ratings outlook for all three entities is stable.
The ratings on Banco Monex reflect its strong position in the foreign exchange and international payments market, higher risk appetite compared to peers, consistent indicators of profitability, adequate levels of capitalization for its business model, sound asset quality, good funding and liquidity profile and the concentration of its revenues from currency intermediation.
Meanwhile, Monex's ratings reflect its franchise position as one of the leading foreign exchange market institutions in Mexico as well as the positive financial performance of its main operating subsidiaries. They also reflect the level of the company's dual controlled leverage, Fitch noted.
Monex Casa de Bolsa's ratings reflect the support it would receive, if required, from its parent company Monex Grupo Financiero SA de CV, whose credit profile is in line with that of its main operating subsidiary Banco Monex, the rating agency said.