Banco Nacional de Comercio Exterior 'BBB+/A-2' Foreign and 'A/A-1' Local Currency Ratings Affirmed; Outlook Is Stable

Our ratings on state-owned Mexican development bank Bancomext reflect our view of the almost certain likelihood of support from the government. The bank's stand-alone credit profile (SACP) remains unchanged at 'bbb'. We have affirmed our global scale 'BBB+/A-2' foreign currency ratings, 'A/A-1' local currency ratings, and national scale 'mxAAA/mxA-1+'ratings on the bank. The outlook is stable. At the same time, we are affirming the rating on the bank´s senior unsecured notes at 'BBB+'. The stable outlook on Bancomext, for the next 18 to 24 months, reflects our view that the ratings on the bank will move in tandem with those on the sovereign, considering our expectation that Bancomext will maintain its critical role and integral link to the government by

...+ Our ratings on state-owned Mexican development bank Bancomext reflect our view of the almost certain likelihood of support from the government. The bank's stand-alone credit profile (SACP) remains unchanged at '###'. + We have affirmed our global scale '###+/A-2' foreign currency ratings, 'A/A-1' local currency ratings, and national scale 'mxAAA/mxA-1+'ratings on the bank. The outlook is stable. + At the same time, we are affirming the rating on the bank¦s senior unsecured notes at '###+'. + The stable outlook on Bancomext, for the next 18 to 24 months, reflects our view that the ratings on the bank will move in tandem with those on the sovereign, considering our expectation that Bancomext will maintain its critical role and integral link to the government by continuing to support and develop foreign trade in Mexico. The federal government explicitly guarantees the bank, according to its organic law. MEXICO CITY (S&P Global Ratings) May 12, 2016--S&P Global Ratings affirmed its '###+/A-2'...

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