Mexico-based development bank Bancomext continues showing solid business stability as the third-largest public bank and among the 10 largest including private banks; Despite aggressive growth rates, asset quality continues better than the industry norm; Adequate funding and liquidity despite a lack of retail deposits, reflecting ongoing government support for daily operations; and Bancomext has a guarantee from the federal government for all its financial obligations, which provides more flexibility to obtain ongoing bases and financial sources. Bancomext's loan portfolio shows concentration in the commercial and corporate segment; and Aggressive loan portfolio growth could pressure current adequate capitalization levels. S&P Global Ratings' negative outlook on Banco Nacional de Comercio Exterior S.N.C. (Bancomext) reflects our view that if we downgrade the sovereign
