Moody’s rates Bancomext’s cebures issuance

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.