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S&P affirms Banco Inbursa; outlook stable

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S&P affirms Banco Inbursa; outlook stable

S&P Global Ratings on Aug. 9 affirmed Banco Inbursa SA Institución de Banca Múltiple Grupo Financiero Inbursa's long-term and short-term global scale issuer credit ratings at BBB+ and A-2, respectively, and its long-term and short-term national scale issuer credit ratings at mxAAA and mxA-1+, respectively.

The outlook on the global and national scale ratings is stable.

In affirming the Mexican bank's rating, S&P noted Banco Inbursa has been focused on expanding its retail business position, resulting in higher levels of consumer loans, retail deposits, and financial margins.

"Banco Inbursa has maintained a stable financial performance with a projected average risk-adjusted capital (RAC) ratio of 13.4% during 2017-2018," the rating agency said.

S&P also said the ratings incorporate the bank's "prudent" risk management practices and the fact that Banco Inbursa attracted higher levels of retail deposits.

"It also has prudent liqudity management and levels, both in line with those of the financial industry," S&P said.

The rating agency said the stable outlook on the issuer credit ratings mirror that on Mexico's sovereign rating.

S&P also affirmed a BBB+ issue-level rating on the bank's current senior unsecured bonds and mxAAA issue-level rating on all of the bank's senior unsecured bonds issued in the local market.

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