Fitch affirms Nafin

Fitch Ratings said it affirmed the ratings of Mexico's Nacional Financiera (Nafin) at long-term BBB- (outlook stable) and short-term F3 foreign currency; long-term BBB and short-term F2 local currency; and support 2.

The ratings reflect the strength of support the bank would receive from the government should it be necessary, as well as its importance as a development bank to the country.

Founded in 1934, Nafin is Mexico's largest development bank, with a market share of around 41% of the sector's assets at the end of 2004. The bank operates through five regional offices and 32 state offices and is mandated to assist in Mexico's economic development mostly through the financing of smaller companies.

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