Moody’s Affirms Banamex Despite Parent Woes

Moody’s has affirmed Banco Nacional de Mexico (Banamex) ratings with a stable outlook following a downgrade of the parent due to subprime losses. “Banamex’s GLC deposit rating captures the benefits it draws from being part of the Citigroup network,” says Moody’s. Banamex is headquartered in Mexico City and reported MXP529.4bn in assets as of September 30.