MEXICO CITY (Reuters). Moody’s Investors Service placed Sunday all ratings and assessments for the Consumer Banking arm of Moody’s Ratings Agency (NYSE:) Investors Service Citigroup Mexico: (NYSE 🙂 Under review for Downgrade

In a statement, Moody’s said the review was triggered by Citigroup’s announcement that it would sell its Citibanamex https://www.reuters.com/business/citi-exit-mexican-consumer-banking-business-strategy-revamp-2022-01-11 consumer banking operations, which will end a two decade retail presence in Mexico.

Moody’s reported that all ratings were under review. Moody’s did not mention the Mexican National Scale short-term deposit rating MX-1.

The credit agency stated that Citibanamex’s rating and assessment have been placed under review by Moody’s for downgrading to reflect the uncertainty of the divestiture.

Citigroup’s decision to sell or spin off Citibanamex, Mexico’s third biggest bank by assets as of June, is part of chief executive Jane Fraser’s strategy https://www.reuters.com/article/us-citigroup-ceo-goals/citigroups-next-ceo-has-herculean-task-turning-the-bank-around-for-real-idUSKBN2621J8?enowpopup to bring Citigroup’s profitability and share price performance in line with its peers.