10 June 2013 -- New York-based ratings agency Fitch Ratings said it affirmed and withdrawn the international- and/or national-scale ratings of Mexican financial services firm Grupo Financiero Banorte's (GFNorte) Ixe Banco and Fincasa Hipotecaria former subsidiaries.
Fitch has withdrawn these ratings since Ixe Banco and Fincasa Hipotecaria were recently merged into Banco Mercantil del Norte (Banorte), the largest of GFNorte's subsidiaries.
Accordingly, Fitch said it will no longer provide ratings or analytical coverage for Ixe Banco and Fincasa Hipotecaria, since both entities no longer exist, although rating coverage is maintained for both GFNorte and Banorte, among other related entities.
Algunos fideicomisos de Fincasa, que respaldan transacciones de deuda, presentaron altos desfases entre la construccion de las viviendas y sus ventas.
Ademas, se mostraron niveles de morosidad de entre 21% y 56%, mientras que los dos fideicomisos de Fincasa se situaron en 62% y 53%, segun Standard & Poor's.