Moody’s rates Ban­comext’s ce­bu­res is­suance

The Pak Banker - - Front Page -

MEX­ICO

Global rat­ing agency Moody’s has as­signed a Baa1 long term global lo­cal cur­rency debt rat­ing to Banco Na­cional de Comer­cio Ex­te­rior, So­ciedad Na­cional de Crédito, In­sti­tu­ción de Banca de De­sar­rollo’s (Ban­comext) pro­posed is­suance of Cer­ti­fi­ca­dos Bursátiles Ban­car­ios (ce­bu­res) of up to Mx$2 bil­lion for up to ten years. In ad­di­tion, Moody’s de Méx­ico as­signed a Aaa.mx long term Mex­i­can Na­tional Scale debt rat­ing to the pro­posed ce­bu­res is­suance. The rat­ings carry a sta­ble out­look.

Ban­comext’s Baa1 is­suer and debt rat­ings re­flect the Mex­i­can gov­ern­ment’s ir­rev­o­ca­ble and un­con­di­tional guar­an­tee of all the de­vel­op­ment bank’s obli­ga­tions with third par­ties as es­tab­lished un­der its Or­ganic Law.

The rat­ings as­signed to the pro­posed ce­bu­res are in line with Ban­comext’s lo­cal cur­rency is­suer rat­ing of Baa1.

The date of the last Credit Rat­ing Ac­tion was on 12 July 2012 when Moody’s as­signed a Baa1 long term global lo­cal cur­rency debt rat­ing and a Aaa.mx Na­tional Scale rat­ing to Ban­comext’s pre­vi­ous is­suance of ce­bu­res (BACMEXT 12-2).

Global rat­ing agency Moody’s Na­tional Scale Rat­ings (NSRs) are in­tended as rel­a­tive mea­sures of cred­it­wor­thi­ness among debt is­sues and is­suers within a coun­try, en­abling mar­ket par­tic­i­pants to bet­ter dif­fer­en­ti­ate rel­a­tive risks. NSRs dif­fer from Moody’s global scale rat­ings in that they are not glob­ally com­pa­ra­ble with the full uni­verse of Moody’s rated en­ti­ties, but only with NSRs for other rated debt is­sues and is­suers within the same coun­try.

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