Our ratings on state-owned Mexican development bank Bancomext reflect our view of the almost certain likelihood of support from the government. The bank's stand-alone credit profile (SACP) remains unchanged at 'bbb'. We're affirming our global scale 'BBB+/A-2' foreign currency ratings, 'A/A-1' local currency ratings, and national scale 'mxAAA/mxA-1+' ratings on the bank. At the same time, we're affirming our 'BBB+' rating on the bank's senior secured notes. The global scale negative outlook on Bancomext for the next 18-24 months reflects that on the sovereign, and our view that the ratings on the bank will move in tandem with those on the sovereign, considering our expectation that Bancomext will maintain its critical role and integral link to the government by continuing
