NEW YORK (Standard&Poor's) Dec. 19, 2003-- Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating on the MxPs$ 1'935 million wrapped fixed-rate notes due 2015, in inflation-protected units (UDIs), issued by a trust in Banco Nacional de Comercio Exterior, S.N.C (Bancomext) on behalf of the Ecatepec-Piramide and Armeria-Manzanillo. The outlook is stable. The rating reflects the unconditional and irrevocable guarantee of full payment on principal and interest as scheduled, provided by MBIA Insurance Corp. (AAA/Stable/--), pursuant to MBIA Insurance Corp.'s financial guaranty insurance policy. At the same time, Standard&Poor's affirmed its mxAAA rating under Standard&Poor's CaVal Scale. Standard&Poor's debt rating on the CaVal Scale is a current assessment of the creditworthiness
