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Fitch Withdraws Ixe Banco's and Fincasa Hipotecaria's Ratings on Merger into Banorte
June 7, 2013 / 9:17 PM / in 4 years

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

(The following statement was released by the rating agency) MONTERREY/NEW YORK, June 07 (Fitch) Fitch Ratings has today affirmed and withdrawn the international- and/or national-scale ratings of Ixe Banco and Fincasa Hipotecaria, former subsidiaries of Grupo Financiero Banorte (GFNorte). Fitch has withdrawn these ratings since Ixe Banco and Fincasa Hipotecaria were recently merged into Banco Mercantil del Norte (Banorte), the largest of GFNorte's subsidiaries.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 The following ratings have been affirmed and withdrawn: Ixe Banco --Long-term foreign currency IDR at 'BBB'; --Short-term foreign currency IDR at 'F2'; --Long-term local currency IDR at 'BBB'; --Short-term local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)'. Contact: Monica Ibarra (Primary Analyst, Ixe Banco) 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 Gilda de la Garza (Primary Analyst, Fincasa Hipotecaria) Associate Director +52 818 399 9160 Alejandro Garcia, CFA (Secondary Analyst, Ixe Banco and Fincasa Hipotecaria) Senior Director +52 818 399 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); -- '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 here Finance and Leasing Companies Criteria here Rating FI Subsidiaries and Holding Companies here Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status 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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