Fitch lifts Banamex view to positive

Fitch Ratings said it revised the outlook on Banco Nacional de Mexico, SA’s (Banamex) long-term local-currency issuer default rating to positive from stable.

Fitch also said it affirmed Banamex’s viability rating at A and long-term foreign- and local-currency issuer default ratings at A.

The agency also said it affirmed the national scale ratings of Banamex and Acciones y Valores Banamex, SA de CV, Casa de Bolsa (Accival) at AAA(mex) and F1+(mex).

Fitch also affirmed the national scale ratings of the local debt issued by Citi Mexico Investments, S de RL de CV (Citi Mexico Investments) at AAA(mex)emr.

The outlook revision reflects the identification of Banamex as a material legal entity in Citigroup’s resolution plan document and an expectation that internal recapitalization resources will be placed with Banamex in due course, Fitch said.

The substantial debt buffer at the holding company, Citigroup Inc. (Citigroup) should enable it to recapitalize its material legal entity operating subsidiaries in the event of resolution.

The outlook on Banamex’s long-term foreign-currency issuer default rating remains stable since this rating is capped at Mexico’s country ceiling of A.

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