Fitch Withdraws Ixe Banco's and Fincasa Hipotecaria's Ratings on Merger into Banorte

Fri Jun 7, 2013 6:13pm EDT

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Fitch Withdraws Ixe Banco's and Fincasa Hipotecaria's Ratings on Merger into Banorte

Fitch Ratings has today affirmed and withdrawn the international- and/or national-scale ratings of Ixe Banco and Fincasa Hipotecaria, former subsidiaries of Grupo Financiero Banorte (GFNorte). Fitch has withdrawn these ratings since Ixe Banco and Fincasa Hipotecaria were recently merged into Banco Mercantil del Norte (Banorte), the largest of GFNorte's subsidiaries. Accordingly, Fitch will no longer provide ratings or analytical coverage for Ixe Banco and Fincasa Hipotecaria, since both entities no longer exist, although rating coverage is maintained for both GFNorte and Banorte, among other related entities. Ixe Banco's hybrid securities remain outstanding and are now under Banorte's obligations.

The following ratings have been affirmed and withdrawn:

Ixe Banco

--Long-term foreign currency IDR at 'BBB';

--Short-term foreign currency IDR at 'F2';

--Long-term local currency IDR at 'BBB';

--Short-term local currency IDR at 'F2';

--Viability Rating at 'bb+';

--Support Rating at '2';

--National-scale long-term rating at 'AA+(mex)';

--National-scale short-term rating at 'F1+(mex)'.

Fincasa Hipotecaria

--National-scale long-term rating at 'AA+(mex)';

--National-scale short-term rating at 'F1+(mex)'.

Additional information is available on www.fitchratings.com

Applicable Criteria and Related Research:

-- 'Global Financial Institutions Rating Criteria' (Aug. 15, 2012);

-- 'Rating FI Subsidiaries and Holding Companies' (Aug. 10, 2012);

-- 'Finance and Leasing Companies Criteria' (Dec. 11, 2012)

-- 'National Ratings Criteria' (Jan. 19, 2011).

Applicable Criteria and Related Research:

National Ratings Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=595885

Finance and Leasing Companies Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696720

Rating FI Subsidiaries and Holding Companies

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679209

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=793194

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. 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.

Fitch Ratings
Primary Analyst, Ixe Banco
Monica Ibarra
Director
+52-818-399-9150
Fitch Mexico SA de CV
Prol. Alfonso Reyes 2612, Edificio Conexity Piso 8
Col. Del paseo Residencial
64920 Monterrey, N.L., Mexico
or
Primary Analyst, Fincasa Hipotecaria
Gilda de la Garza
Associate Director
+52-818-399-9160
or
Secondary Analyst, Ixe Banco and Fincasa Hipotecaria
Alejandro Garcia, CFA
Senior Director
+52-818-399-9146
or
Committee Chairperson
Franklin Santarelli
Managing Director
+1-212-908-0739
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com