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Fitch has raised its rating on consumer lending bank Banco Ahorro Famsa - owned by the retail group of the same name - based on the bank's strong profitability and backing from its parent.
A release on the action said Fitch had raised its rating for the bank to BBB(mex) from BBB-(mex).
The release highlighted the bank's high ROAE of 25.2% and its quick move to profitability since it was opened in 2007. However, the release also noted that Banco Ahorro Famsa's short operational history introduces an element of uncertainty into the bank's profile.
MasterCard (NYSE: MC) has launched its MoneySend remittances platform in Mexico, the card company said in a press release.
The platform allows remittances to be sent from one debit card to another through text messages and online banking.
The release said Mexico is the first country in Latin America to have access to the platform. Banco Monex is so far the only participating local bank, along with coop federation Unisap, according to the release.
Mexican financial services group Profuturo will issue 1bn pesos (US$84.1mn) in non-collateralized debt, with a 10-year term.
Fitch rated the debt AAA(mex) on strong earnings potential of Grupo Profuturo's main subsidiaries, GNP Afore Profuturo and GNP Pensiones.
A low appetite for risk, strong profitability and good capitalization combined to help boost the rating, Fitch said.
Grupo Profuturo offers private pension plans, insurance, mutual funds and personal loans.