IXE Could Drag Banorte Ratings

IXE Could Drag Banorte Ratings

Mexico M&A

A merger of IXE with Banorte could negatively impact the latter’s ratings, according to Fitch, while the ratings of IXE could benefit in the long run. If an agreement is reached, Fitch foresees Banorte’s BBB rating being put on rating watch negative, based on preliminary conditions. Fitch says the transaction would be strategically positive for Banorte as it should enhance over time its competitive, commercial and financial position. However, in the near term, the deal could potentially have neg

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