On Nov. 15, 2002 Standard&Poor's Ratings Services affirmed its 'BBB-' rating on Banco Nacional de Comercio Exterior S.N.C.'s (Bancomext) senior unsecured debt, guaranteed by the United Mexican States (A-/Stable/A-2 local, BBB-/Stable/A-3 foreign, currency sovereign credit ratings). The ratings assigned to Bancomext mirror Standard&Poor's long-term foreign currency sovereign credit rating and stable outlook on the United Mexican States, based upon the bank's full ownership by and strong support from the Mexican government. As stipulated in the bank's Organic Law, all of its contracted obligations are guaranteed by the full faith and credit of the Mexican government, and represent a portion of Mexico's public debt. In addition, the rating reflects Bancomext's importance as the main government instrument for
