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S&P affirms Banco Monex ratings

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S&P affirms Banco Monex ratings

Standard & Poor's Ratings Services on April 29 affirmed itsBB+/B global scale and mxA+/mxA-1 national scale ratings on Banco Monex SA, with a stable outlook on both scales.

The rating agency also affirmed its mxA+/mxA-1 ratings on . Thestand-alone credit profile remains bb+.

In affirming the ratings, S&P pointed to Banco Monex's capitaland earnings, which it billed as "strong," as well as its "moderate"business position and risk position. It also noted that the company has "adequateliquidity and below average funding due to a less diversified funding profile thanthe financial system."

S&P said that its stable outlook reflects its expectationthat the bank will maintain a risk-adjusted capital ratio of about 10.1% over thenext two years, among other factors.

S&P Ratings and S&PGlobal Market Intelligence are owned by S&P Global Inc.