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Fitch Withdraws Banorte's Junior Subordinated Perpetual Notes Rating
August 27, 2013 / 8:03 PM / 4 years ago

Fitch Withdraws Banorte's Junior Subordinated Perpetual Notes Rating

(The following statement was released by the rating agency) MONTERREY, August 27 (Fitch) Fitch Ratings has withdrawn the 'BB-' long-term rating of Banco Mercantil del Norte, S.A.'s (Banorte) USD120 million junior subordinated perpetual notes. Fitch has withdrawn the rating as Banorte prepaid these notes yesterday, and the rating is no longer considered analytically meaningful. Accordingly, Fitch will no longer provide ratings or analytical coverage for these subordinated notes. The prepayment of these notes has no implications for Banorte's ratings or its Outlook. Contact: Monica Ibarra (Primary Analyst) Director +52 818 8399 9150 Fitch Mexico SA de CV Prol. Alfonso Reyes 2612, Edificio Conexity Piso 8 Col. Del paseo Residencial 64920 Monterrey, N.L., Mexico Alejandro Garcia, CFA (Secondary Analyst) Senior Director +52 818 8399 9146 Committee Chairperson Franklin Santarelli Managing Director +1 212 908 0739 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: Additional information is available on Applicable Criteria and Related Research: -- 'Global Financial Institutions Rating Criteria' (Aug. 15, 2012); -- 'Assessing and Rating Bank Subordinated and Hybrid Securities' (Dec. 05, 2012); -- 'National Ratings Criteria' (Jan. 19, 2011). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here National Ratings Criteria here Assessing and Rating Bank Subordinated and Hybrid Securities here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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