Banco Nacional de Comercio Exterior S.N.C.

The stable outlook on the ratings on Bancomext for the next two years stems from our stable outlook on Mexico (foreign currency: BBB/Stable/A-2, local currency: BBB+/Stable/A-2). Thus, the ratings on the bank will continue to move in tandem with those on the sovereign, reflecting the bank's status as a government-related entity (GRE). If we downgrade the sovereign in the coming 24 months, we would take the same action on the bank. We could raise the ratings on Bancomext in the next 24 months if we were to upgrade the sovereign. Our bank criteria use our Banking Industry Country Risk Assessment's (BICRA) economic and industry risk scores to determine a bank's anchor, the starting point in assigning an ICR. The anchor

...Bancomext will continue playing an essential role to the government given its mandate to provide financing to foreign trade companies. The bank operates primarily through direct lending, complemented by second-floor activities and credit guarantees. Furthermore, the bank, as a financial arm of the state, plays a key role in meeting the government's key economic and social objectives, given its strategic alignment with the government in developing foreign trade to foster Mexico's economic development....

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