LatinNews Daily - 18 January 2022

In brief: Credit rating agencies react to Citigroup’s exit from Mexico

* International credit ratings agencies Moody’s, Fitch Ratings and Standard and Poor’s (S&P) have reacted to the uncertainty generated by the planned exit of US multinational investment bank and financial services corporation Citigroup Inc from consumer banking in Mexico. Moody’s placed all Citibanamex ratings and assessments on review for downgrade, including the ‘Baa1’ deposit ratings, ‘Baa1’ baseline credit assessment (BCA) and ‘Aaa.mx’ long-term Mexican National deposit rating. Only the bank's short-term Mexican National Scale deposit rating of ‘MX-1’ was not placed on review. Fitch Ratings placed Citibanamex’s long- and short-term local and foreign currency issuer default ratings, of ‘BBB+’ and ‘F1’ respectively, on ratings watch negative, as well as its long- and short-term national ratings for Citibanamex, Tarjetas Banamex, Citibanamex Seguros and Citibanamex Pensiones. On 14 January, S&P maintained Banamex’s long-term and short-term global scale ratings of 'BBB' and 'A-2' respectively, but changed its rating outlook from stable to negative. 

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