Nacional Financiera, S.N.C.: Update to credit analysis

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...

Nacional Financiera, S.N.C.: Update following rating affirmation - Credit Opinion – 2020/02/05 – US$ 250.00 – ...On 29 January 2020, we affirmed the A3 issuer and senior unsecured debt ratings of Nacional Financiera, S.N.C. (Nafin), as well as its ba1 standalone Baseline Credit Assessment (BCA)....

Nacional Financiera, S.N.C.: Update to credit analysis - Credit Opinion – 2019/12/12 – US$ 250.00 – ...The A3 issuer and senior unsecured debt ratings of Nacional Financiera, S.N.C. (Nafin) incorporate a standalone Baseline Credit Assessment (BCA) of ba1, which is based on the bank's relatively low risk profile, in line with its primary focus on indirect lending through banks and other financial institutions, as well as its ample high-quality capital. Nafin's standalone strength is constrained by its high reliance on market funding, which increases re- pricing risks. The A3 ratings incorporate four notches of uplift attributable to our assumption of a very high likelihood of government support. This assessment is based on (1) the commitment by the government to fulfill the bank's financial obligations, as stated by law; and (2) Nafin's important role in promoting lending to micro, small and medium-sized enterprises (MSMEs)....

Nacional Financiera, S.N.C.: Update following outlook change to negative - Credit Opinion – 2019/06/14 – US$ 250.00 – ...On 7 June 2019, we affirmed Nacional Financiera, S.N.C.'s (Nafin) A3 issuer and senior unsecured debt ratings, and changed its outlook to negative from stable, following a similar action on the Government of Mexico's bond rating of A3, which we use as an anchor for government support....

Nacional Financiera, S.N.C.: Update to credit analysis - Credit Opinion – 2018/10/12 – US$ 250.00 – ...We assign long-term and short-term senior unsecured debt and issuer ratings of A3 and Prime-2, respectively, to Nacional Financiera, S.N.C., Instituci=n de Banca de Desarrollo (Nafin), with a stable outlook, and Aaa.mx/MX-1 Mexican national scale issuer ratings. Nafin's ratings take into account our assumptions of a very high likelihood of support from the Government of Mexico (A3 stable) and a standalone Baseline Credit Assessment (BCA) of ba1 based on the bank's relatively low risk profile, underscored by its main focus on second- floor financing, with exposures mainly to banks and other types of financial institutions rather than direct financing to the ultimate borrowers. The BCA is also underpinned by Nafin's ample level of high-quality capital. Nafin's standalone strength is constrained by its high reliance on market funding, which increases re-pricing risks as interest rates continue to rise. The BCA is also constrained by the bank's limited business scope because it caters mainly...

Moody's assigns A3 and Aaa.mx ratings to Nafin's certificados bursátiles - Rating Action – 2018/04/23 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained...

Moody's asigna calificaciones de A3 y Aaa.mx a los certificados bursátiles de Nafin - Rating Action – 2018/04/23 – US$ 180.00 – ...Global Credit Research - 23 Apr 2018 Mexico, April 23, 2018 -- Moody's de MTxico asign= hoy las calificaciones de deuda sTnior quirografaria de largo plazo en escala global, moneda local (GLC, por sus siglas en inglTs), y en escala nacional de MTxico de A3 y Aaa.mx a la nueva emisi=n de Certificados Bursßtiles de Banca de Desarrollo (NAFR 210423) de Nacional Financiera, S.N.C., Instituci=n de Banca de Desarrollo (Nafin). La perspectiva de la calificaci=n A3 es estable. La emisi=n se realizarß en simultßneo con la tercera reapertura de la emisi=n de Certificados Bursßtiles de Banca de Desarrollo (NAFF 260925) (con cotizaci=n en la Bolsa Mexicana de Valores [BMV] con la clave de pizarra NAFF 26925). Los certificados bursßtiles NAFF 260925 (A3 estable en escala global, Aaa.mx en escala nacional de Mexico) fueron calificados originalmente por Moody's el 19 de abril de 2016. El monto mßximo combinado de NAFR 210423 y la tercera reapertura de NAFF 260925 es de $7,000 millones de pesos, mientras...

Nacional Financiera, S.N.C.: Update following affirmation with stable outlook - Credit Opinion – 2018/04/16 – US$ 250.00 – ...We affirmed Nacional Financiera, S.N.C., Instituci=n de Banca de Desarrollo (Nafin)'s A3 long-term senior unsecured debt and issuer ratings and changed their outlooks to stable, from negative, following a similar action taken on Mexico's bond rating of A3, which we use to incorporate the government's support ...

Nacional Financiera, S.N.C.: Semiannual Update - Credit Opinion – 2017/10/16 – US$ 250.00 – ...Moody's assigns long- and short-term local and foreign currency issuer ratings of A3 and Prime-2 to Nacional Financiera, S.N.C., Instituci=n de Banca de Desarrollo (Nafin), as well as Aaa.mx/MX-1 Mexican National Scale issuer ratings. These ratings take into account a standalone baseline credit assessment (BCA) of ba1 based on the bank's relatively low risk profile, underscored by its main focus on second-floor financing with exposures mainly to banks and other types of financial institutions rather than direct financing to the ultimate borrowers. The BCA is also underpinned by Nafin's ample level of high quality capital. Nafin's standalone strength is constrained by its high reliance on market funding which increases repricing risks as interest rates rise. The BCA is also constrained by Nafin's limited business scope, as it chiefly caters to micro, small and medium enterprises (MSMEs)....