Mexico-based development bank Bancomext has maintained stable capitalization levels, supported by an increasing revenue stream, internal capital generation, and government support through common equity capital injections. Our ratings on the state-owned bank continue to reflect our view of the almost certain likelihood of support from the government. We're affirming our global scale 'BBB+/A-2' foreign currency ratings, 'A-/A-2' local currency ratings, and national scale 'mxAAA/mxA-1+' ratings on the bank. At the same time, we are affirming the 'BBB+' rating on the bank's senior secured notes. The stable outlook mirrors the outlook on the sovereign based on our view that extraordinary support is almost certain. On March 20, 2018, S&P Global Ratings affirmed its 'BBB+/A-2' global scale foreign currency ratings and its
