The ratings on Banco Nacional de Comercio Exterior S.N.C.'s (Bancomext) senior unsecured debt mirror Standard&Poor's 'BBB' long-term foreign and 'A' long-term local currency sovereign credit ratings on Mexico. The ratings are supported by: The Mexican government's full ownership of Bancomext; and The full-faith and credit backing by the Mexican government on the bank's debt obligations, which rank pari passu with Mexico's outstanding unsecured bonds. Factors that offset these credit strengths include: The continuing deterioration of the bank's balance sheet; Profitability curbed by the expense of providing technical assistance to exporters and other promotional activities; and Under-utilized lending capacity. Bancomext, which is fully owned and supported by the Mexican government, is one of the government's main instruments for promoting
