Adequate business stability as one of the three largest development banks in the country. Adequate risk position and asset quality metrics despite recent strong growth. Bancomext has a guarantee from the federal government for all its financial obligations; this guarantee provides more flexibility to obtain, on an ongoing basis, financial sources. Recent and projected strong growth could pressure capitalization levels. Relatively concentrated loan portfolio by economic sector. The stable outlook on Bancomext for the next 18-24 months reflects that on the sovereign, given our view of an almost certain likelihood that the latter would provide extraordinary and timely support to the bank in the event of financial distress. We expect Bancomext will maintain its critical role and integral link to
