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 the United Mexican States. Bancomext is fully owned and supported by the Mexican government and one of its main instruments for promoting international trade. The bank's primary role is to facilitate the development of Mexico's external sector by providing financial support and technical assistance to exporters and importers. Benefiting from the full faith and credit backing of the Mexican government, Bancomext's debt obligations are considered part of the country's public debt. Bancomext has assets of US$7.5 billion (Mexican peso [MxP] 84.4 billion, at MxP11.26 to US$1) as of Dec. 31, 2004.
