Mexico-based development bank Banco Nacional de Comercio Exterior S.N.C. (Bancomext) is the third-largest public bank and has solid business stability. Adequate risk position and asset quality metrics despite recent aggressive growth. Bancomext has a guarantee from the federal government for all its financial obligations; this guarantee provides more flexibility to obtain financial sources on an ongoing basis. Limited business penetration due to reliance on the government in terms of strategy, growth, and budget. Bancomext's loan portfolio is concentrated in the commercial and corporate segments. The stable outlook on Bancomext reflects the outlook on Mexico. We expect Bancomext to maintain its "critical" role and "integral" link to the government by continuing to support and develop foreign trade in Mexico. As a
