S&P Global Ratings on June 1 placed its BB+ long-term global scale and "mxA+/mxA-1" national scale ratings on Banco Monex SA Institución de Banca Múltiple Monex Grupo Financiero on CreditWatch negative.
The agency also put on CreditWatch negative Monex Casa de Bolsa SA de CV Monex Grupo Financiero's "mxA+/mxA-1" ratings.
The "mxA" issuer credit and issue-level ratings on Monex S.A.B. de C.V., the ultimate parent of Banco Monex and Monex Casa de Bolsa, were also placed on CreditWatch negative.
In January, Monex and Ventura Capital had signed an agreement under which Ventura planned to invest 1.50 billion Mexican pesos to acquire lender-issued shares.
The rating agency said that Monex's decision to cancel the deal would pressure the company's risk-adjusted capital ratio. The lack of the capital injection that would have come from the deal has prompted the S&P to "reassess Monex's forecasted RAC for the next two years."
As of June 1, US$1 was equivalent to 18.57 Mexican pesos.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.