Our ratings on Mexico-based development bank, Bancomext, reflect its "adequate" business position, "adequate" risk position, "adequate" capital and earnings, "adequate" liquidity, and "average" funding. We are affirming our 'BBB/A-2' global scale foreign currency, 'A-/A-2' global scale local currency, and 'mxAAA/mxA-1+' national scale ratings on the bank. The positive outlook on the long-term global scale ratings reflects the outlook on the sovereign and our assessment of an "almost certain" likelihood of extraordinary government support. On July 15, 2013, Standard&Poor's Ratings Services affirmed its 'BBB/A-2' global scale foreign currency ratings and its 'A-/A-2' global scale local currency ratings on Banco Nacional de Comercio Exterior S.N.C. (Bancomext). At the same time, we affirmed our 'mxAAA/mxA-1+' national scale ratings on the bank.
