MEXICO CITY (S&P Global Ratings) April 29, 2025--S&P Global Ratings today assigned its 'BBB' issue rating to Banco Nacional de Comercio Exterior S.N.C.'s (Bancomext; BBB/Stable/A-2) proposed senior secured notes for up to $1.5 billion. The bank will use the proceeds to extend its debt maturity profile and for asset and liability management purposes. The proposed notes will have a five-year maturity, at a fixed rate. This mechanism provides flexibility in managing the issuance size while aligning with the bank's long-term financing strategy. The rating on the notes is the same as the issuer credit rating on Bancomext, which reflects our belief that the notes will rank equally in right of payment with all the bank's other obligations that are fully
