trending Market Intelligence /marketintelligence/en/news-insights/trending/n7rejzxlpiuqzimbpbxzia2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

S&P revises ratings on 20 Mexican financial institutions

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


S&P revises ratings on 20 Mexican financial institutions

S&P Global Ratings on Sept. 6 revised its national scale ratings on 20 Mexican financial institutions following a review of its methodology in June.

The rating agency revised the short-term national scale ratings to mxA-1 from mxA-2 for the following companies: Almacenadora Afirme SA de CV Organización Auxiliar del Crédito Afirme Grupo, Almacenadora Mercader SA Organización Auxiliar del Crédito, Arrendadora Afirme SA de CV SOFOM ER Afirme Grupo Financiero, Banca Afirme SA Institución de Banca Múltiple Afirme Grupo Financiero, Banca Mifel SA Institución de Banca Múltiple Grupo Financiero Mifel, Banco Base SA Institución de Banca Múltiple Grupo Financiero Base, Banco Multiva SA Institución de Banca Múltiple Grupo Financiero Multiva, Bienes Programados SA de CV, Casa de Bolsa BASE SA de CV Grupo Financiero BASE, Factoraje Afirme SA de CV, Monex SAB de CV, Operadora de Servicios Mega SA de CV SOFOM ER, Seguros Afirme SA de CV and UNIFIN Financiera SAB de CV SOFOM ENR.

In addition, S&P revised the short-term ratings of Banco Finterra SA Institución de Banca Múltiple and Docuformas SAPI de CV to mxA-2 from mxA-3, while the same ratings on Banco Invex SA Institución de Banca Múltiple INVEX Grupo Financiero, Banco Multiva SA Institución de Banca Múltiple Grupo Financiero MultivaBienes Programados S.A. de C.V.Cargill Servicios Financieros SA de CV SOFOM ENR and INVEX Casa de Bolsa SA de CV where changed to mxA-1+ from mxA-1.

Meanwhile, the rating agency revised Navistar Financial SA de CV Sociedad Financiera de Objeto Múltiple Enti's long-term national scale rating to mxBB- from mxBB+. The outlook remains positive.

"The rating actions are the result of the re-calibration of our correlation tables for Mexico, which establish the connection between our national scale and global scale ratings, and between our national long-term and short-term ratings," S&P said.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.