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

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 withdraws Nafin ratings - Rating Action – 2022/05/18 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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...

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 – 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....