Oceanografia allegations hit Banamex’s rating

Oceanografia allegations hit Banamex’s rating

Corporate & Sovereign Strategy

Moody's cut Banamex’s foreign currency debt rating a notch to A3 on Tuesday, pointing to fraud investigations that fuel uncertainty over the bank’s risk profile and taint its reputation. The SEC and its Mexican counterpart the CNBV are investigating Banamex for allegedly lending around $400m to Oceanografia, a Pemex supplier, against fraudulent invoices. “The rating actions reflect the severity of the fraud revealed in March and the subsequent revelations about the deficiencies in Banamex's risk

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