Financial rating changes: BSMX, AXS, NOVB

Mexican lender, Santander Mexico Financial (BSMX +1.5%) is upgraded to Overweight by Morgan Stanley.

Axis Capital Holdings Limited (AXS -0.4%) is downgraded to Underperform with $44 PT by BMO Capital Markets.

North Valley Bancorp (NOVB +0.8%) is downgraded to Market perform by FIG Partners after posting Q1 results yesterday.

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