Moody’s has chopped the long term global currency deposit rating to Aa3 from Aa2, but affirmed the prime-1 short term local currency rating and the C+ bank financial strength rating. The outlook is stable. Moody's says that the lowering of Banamex's GLC deposit rating reflects the downgrade of parent Citi’s financial strength rating to C from B and its baseline credit assessment to A3 from Aa3. Moody’s also says that the currency ratings remain constrained by the Mexican country ceiling for deposits and bonds, but that the bank’s credit strength is supported by an entrenched consumer business that provides the bank with stable, low-cost core funding and allows the bank to fund itself independently of its parent.