Credit Suisse cuts Banorte to "neutral" citing weaker core earnings, valuation

MEXICO CITY (Reuters) - Credit Suisse downgraded Mexican banking institution Banorte to "neutral" from "outperform" in a report published Monday, citing a less attractive valuation and weaker core earnings following the company's 2021 fourth quarter results published last week.

The report cited worse than expected GDP performance, a more competitive landscape among Mexican bankers and unexpected policy changes in the country as key risks.

(Reporting by Kylie Madry; Editing by Christian Plumb)