Moody's de Mexico withdraws Nafin ratings

Nacional Financiera, S.N.C.: Update to credit analysis - Credit Opinion – 2024/02/13 – US$ 250.00 – ...Nacional Financiera, S.N.C.'s (Nafin) ba1 Baseline Credit Assessment (BCA) reflects the bank's asset risks given its focus on micro and small and midsize enterprises (MSMEs) but partly compensated by its business model based on indirect lending, strong capitalization and conservative reserve coverage. Nafin benefits from solid access to capital markets, with the Mexican federal government providing statutory support for all liabilities. Nafin's Baa2 issuer ratings incorporate two notches of uplift from its ba1 BCA, attributable to our assumption of government-backed support from the Government of Mexico (Baa2 stable) based on Nafin's law. Consequently, Nafin's ratings and outlook are aligned to those of Mexico....

Nacional Financiera, S.N.C.: Update to credit analysis - Credit Opinion – 2023/11/30 – US$ 250.00 – ...Nacional Financiera, S.N.C.'s (Nafin) ba1 Baseline Credit Assessment (BCA) reflects the bank's asset risks given its focus on micro and small and midsize enterprises (MSMEs) but partly compensated by its business model based on indirect lending, strong capitalization and conservative reserve coverage. Nafin benefits from solid access to capital markets, with the Mexican federal government providing statutory support for all liabilities. Nafin's Baa2 issuer ratings incorporate two notches of uplift from its ba1 BCA, attributable to our assumption of a very high likelihood of support from the Government of Mexico (Baa2 stable) based on Nafin's law. Consequently, Nafin's ratings and outlook are aligned to those of Mexico....

Nacional Financiera, S.N.C.: Update following affirmation, outlook stable - Credit Opinion – 2022/11/01 – US$ 250.00 – ...On 26 October 2022, we affirmed Nacional Financiera, S.N.C.'s (Nafin) Baa2 issuer ratings with a stable outlook, in line with a very high likelihood of support from the Government of Mexico (Baa2 stable) based on Nafin's founding law and its important public policy mandate. In addition, we affirmed Nafin's ba1 Baseline ba1 Credit Assessment (BCA) and adjusted BCA incorporating the bank's risky core business and highly concentrated loan book, risks that are partly mitigated by the bank's indirect lending business where banks and finance companies onlend Nafin's resources. The affirmation also took into consideration the bank's good core earnings generation capacity, based on stable margins and ample fee income, but which will be challenged by provisioning needs. The affirmation considered Nafin's strong capitalization and conservative reserve coverage. Nafin benefits from solid access to capital markets, with the Mexican federal government providing statutory support for all liabilities....

Nacional Financiera, S.N.C.: Update following downgrade to Baa2, outlook changes to stable - Credit Opinion – 2022/07/15 – US$ 250.00 – ...On 12 July 2022, we downgraded Nacional Financiera, S.N.C.'s (Nafin) issuer ratings to Baa2, from Baa1, following the downgrade of the Government of Mexico's debt rating to Baa2. The outlook was changed to stable from negative. On the same action, we affirmed Nafin's ba1 Baseline Credit Assessment (BCA) and adjusted BCA that reflect the bank's relatively low risk profile, given its main focus on on-lending via other financial institutions. However, Nafin's standalone strength is constrained by its high reliance on market funding and modest profitability. The affirmation also took into consideration the increase in the bank's problem loans, underscored by its high single- borrower and industry concentrations, key risks limiting Nafin' credit quality despite a historically low problem loan ratio. Nafin benefits from solid access to capital markets, with the Mexican federal government providing statutory support for all liabilities. Nafin's Baa2 issuer ratings incorporate two notches of uplift...

Nacional Financiera, S.N.C.: Update following rating affirmation and assignments of CRRs and CR Assessments, outlook remains negative - Credit Opinion – 2022/05/23 – US$ 250.00 – ...On 16 May 2022, we affirmed Nacional Financiera, S.N.C.'s (Nafin) Baa1 issuer ratings and its ba1 Baseline Credit Assessment (BCA) and adjusted BCA. Additionally, we assigned Counterparty Risk Ratings (CRRs) and CR Assessments at Baa1/P-2 and Baa1(cr)/P-2(cr), respectively. The affirmation reflects the bank's relatively low risk profile, given its main focus on on-lending via other financial institutions. However, Nafin's standalone strength is constrained by its high reliance on market funding and modest profitability. Nafin's Baa1 ratings incorporate three notches of uplift from its ba1 BCA, attributable to our assumption of a very high likelihood of support from the Government of Mexico (Baa1 negative) based on Nafin's law. Consequently, Nafin's ratings and outlook are aligned to those of Mexico....

Moody's de Mexico retira las calificaciones de Nafin - Rating Action – 2022/05/18 – US$ 180.00 – ...Global Credit Research - 18 May 2022 Mexico, May 18, 2022 -- Moody's de MTxico S.A. de C.V. ("Moody's") retir= hoy las calificaciones de emisor de largo y corto plazo de Nacional Financiera, S.N.C. (Nafin) en escala nacional de MTxico de Aaa.mx/MX-1, de deuda sTnior quirografaria de largo plazo en moneda local de Baa1 y de deuda sTnior quirografaria de largo plazo en escala nacional de MTxico de Aaa.mx. Al momento de su retiro, las calificaciones de largo plazo en escala global de Nafin tenfan una perspectiva negativa. Las siguientes calificaciones y evaluaciones de Nacional Financiera, S.N.C. no fueron afectadas por esta acci=n de calificaci=n: (1) evaluaci=n del riesgo crediticio base (BCA, por sus siglas en inglTs) de ba1; (2) BCA ajustada de ba1; (3) calificaciones de emisor de largo y corto plazo en moneda local y extranjera de Baa1/P-2; (4) evaluaciones de riesgo de contraparte de largo y corto plazo de Baa1(cr)/P- 2(cr); y (5) calificaciones de riesgo de contraparte de largo y corto...

Nacional Financiera, S.N.C.: Update to credit analysis - Credit Opinion – 2021/11/29 – US$ 250.00 – ...Nacional Financiera, S.N.C.'s (Nafin) ba1 Baseline Credit Assessment (BCA) reflects the bank's strong capitalization and relatively low risk profile, given its main focus on on-lending via other financial institutions and its prudent risk management. However, Nafin's standalone strength is constrained by its high reliance on market funding, which increases repricing risks and funding costs, and modest profitability. Nafin's Baa1 ratings incorporate three notches of uplift from its ba1 BCA, attributable to our assumption of a very high likelihood of support from the Government of Mexico (Baa1 negative) based on Nafin's law. Consequently, Nafin's ratings and outlook are aligned to those of Mexico....

Nacional Financiera, S.N.C.: Update to credit analysis - Credit Opinion – 2021/05/25 – US$ 250.00 – ...Nacional Financiera, S.N.C.'s (Nafin) ba1 Baseline Credit Assessment (BCA) reflects the bank's strong capitalization, as well as its relatively low risk profile, given its main focus on on- lending via other financial institutions and its prudent risk management. However, Nafin's standalone strength is constrained by its high reliance on market funding, which increases repricing risks and funding costs, as well as its modest profitability. Nafin's Baa1 ratings incorporate three notches of uplift from its ba1 BCA, attributable to our assumption of a very high likelihood of support from the Government of Mexico (Baa1 negative) based on Nafin's law. Consequently, Nafin's ratings and outlook are in line with Mexico's sovereign rating and outlook....

Nacional Financiera, S.N.C.: Update to credit analysis - Credit Opinion – 2020/11/30 – US$ 250.00 – ...Nacional Financiera, S.N.C.'s (Nafin) ba1 Baseline Credit Assessment (BCA) reflects the bank's strong capitalization, as well as its relatively low risk profile, given its main focus on on- lending via other financial institutions and its prudent risk management. However, Nafin's standalone strength is constrained by its high reliance on market funding, which increases repricing risks and funding costs, as well as its modest profitability. Nafin's Baa1 ratings incorporate three notches of uplift from its ba1 BCA, attributable to our assumption of a very high likelihood of support from the Government of Mexico (Baa1 negative) based on Nafin's law. Consequently, Nafin's ratings and outlook are in line with Mexico's sovereign rating and outlook....

Nacional Financiera, S.N.C.: Update following rating downgrade to Baa1, outlook changed to negative - Credit Opinion – 2020/04/30 – US$ 250.00 – ...On 22 April 2020, we downgraded Nacional Financiera, S.N.C.'s (Nafin) senior unsecured debt and issuer ratings to Baa1, from A3...