Full ownership by the United Mexican States; and The full faith and credit of the Mexican government for its debt obligations. Continued shrinking of the balance sheet; and The costly activities of providing technical and promotional assistance to Mexican exporters, which diminishes profitability. The ratings on Banco Nacional de Comercio Exterior S.N.C.'s (Bancomext) senior unsecured debt mirror Standard&Poor's 'BBB' long-term foreign and 'A' long-term local currency sovereign credit ratings on the United Mexican States. Bancomext is fully owned and supported by the Mexican government and one of its main instruments for promoting international trade. The bank's primary role is to facilitate the development of Mexico's external sector by providing financial support and technical assistance to exporters and importers.
