Fitch Ratings on Dec. 15 revised its outlook on the long-term ratings of 13 Mexican financial institutions to negative from stable as part of a portfolio review of select companies.

The review, which follows the recent revision of Mexico's sovereign outlook to negative from stable, included firms with issuer default ratings, viability ratings or insurance financial strength ratings that are at or above the sovereign level, as well as one notch below the sovereign.

The outlook revision to negative on Banco Nacional de Comercio Exterior SNC Institución de Banca de Desarrollo, Banco Nacional de Obras y Servicios Públicos SNC, Nacional Financiera SNC Institución de Banca de Desarrollo, Instituto del Fondo Nacional de la Vivienda para los Trabajadores and Instituto para la Proteccion al Ahorro Bancario reflects downside potential from a sovereign cut as the creditworthiness of these firms is linked to that of the country.

Meanwhile, the outlook revision on Grupo Financiero Banorte SAB de CV, Banco Mercantil del Norte SA Institución de Banca Múltiple, Banco Inbursa SA Institución de Banca Múltiple Grupo Financiero Inbursa, Seguros Inbursa SA Grupo Financiero Inbursa and Banco Compartamos SA Institución de Banca Múltiple reflects Fitch's expectation that the relativities of their ratings versus the sovereign rating will be maintained in the event of a potential sovereign downgrade.

Lastly, the outlook revision on Banco Nacional de México SA Integrante del Grupo Financiero Banamex, HSBC México SA Institución de Banca Múltiple Grupo Financiero HSBC and BBVA Bancomer SA Institución de Banca Múltiple Grupo Financiero BBVA Bancomer is based on the fact that their ratings are already one or two notches above the sovereign, which means that any potential sovereign downgrade will likely have a similar effect on their ratings.

The outlook on Banco Santander (México) SA Institución de Banca Múltiple, however, remains stable since its issuer default ratings are already at the implied floor derived from its parent's ratings, Fitch said.