Fitch Revises GFNorte and Banorte's Outlook to Positive; Affirms IDRs at 'BBB-'

About this update from Grupo Financiero Banorte Sab De Cv Class O

Fitch Ratings-Monterrey-12 November 2025:Fitch Ratings has affirmed the Long- and Short-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of Grupo Financiero Banorte S.A.B. de C.V. (GFNorte) and Banco Mercantil del Norte, S.A., Institucion de Banca Multiple, Grupo Financiero Banorte (Banorte) at 'BBB-'/'F3', respectively. In addition, Fitch has affirmed Banorte's Viability Rating (VR) at 'bbb-' and its Government Support Rating (GSR) at 'bb+'. Fitch revised the Rating Outlook of the Long-Term IDRs to Positive from Stable.Fitch has also affirmed the Long- and Short-Term National Scale Ratings of Banorte, Arrendadora y Factor Banorte, S.A. de C.V., SOFOM, E.R., Grupo Financiero Banorte (AyF Banorte), Casa de Bolsa Banorte, S.A. de C.V., Grupo Financiero Banorte (CB Banorte) and Almacenadora Banorte, S.A. de C.V., Organizacion Auxiliar del Credito, Grupo Financiero Banorte (Almacenadora Banorte) at 'AAA(mex)' and 'F1+(mex)', respectively. The Rating Outlook for the Long-Term National Ratings is Stable.The Outlook revision for the IDRs to Positive reflects ongoing improvements in Banorte's overall business and financial profiles. This improvement stems from a diversified business model and prudent risk management that supports consistent growth in total operating income (TOI) and bolsters the bank's financial resilience under the current economic cycle. Fitch could consider an upward rating adjustment if these trends are sustained in the medium term.Key Rating DriversStable Operating Environment: Fitch expects Banorte to continue to generating business volumes at acceptable risk levels, underpinned by the agency's 'bb+'/Stable Operating Environment (OE) assessment for Mexican banks. While softer GDP growth could result from tariff-related pressures and slower U.S. economic activity, Mexico's large and diversified economy should help keep the Operational Risk Index (ORI) and GDP per capita broadly stable, preserving operating conditions for banks.Strong Performance Drives Ratings: Banorte's IDRs and National scale ratings are driven by its 'bbb-' VR. Banorte's VR is underpinned by its solid financial performance, supported by its good market position, diversified business profile and prudent risk management. These factors continue to sustain its strong TOI generation, better asset quality than the closest peers and good capitalization metrics. The ...

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