Moody's affirms Bancomext

Moody's Investors Service said it affirmed Banco Nacional de Comercio Exterior, Sociedad Nacional de Credito, Institucion de Banca de Desarrollo's (Bancomext) long- and short-term local- and foreign-currency issuer ratings at Baa1 and prime-2, local-currency long-term debt rating at Baa1 and foreign-currency short-term debt rating at prime-2.

Moody's also said it affirmed Bancomext's national scale long- and short-term issuer ratings at Aaa.mx and MX-1 and national scale long-term debt rating at Aaa.mx.

The ratings reflect the Mexican government's irrevocable and enforceable guarantee of all the development bank's obligations with third parties as established under its organic law, the agency said.

This guarantee is indicative of Bancomext's role as an instrument of government-directed policy, Moody's said, and its debt obligations are included in the calculation of Mexico's public debt.

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