S&P rates Bancomext notes BBB+

Standard & Poor's said it assigned its BBB+ issue-level rating to Banco Nacional de Comercio Exterior SNC's (Bancomext; foreign currency: BBB+/stable/A-2) proposed 10-year senior unsecured notes for an initial amount of up to $750 million.

The bank will use the notes to extend the maturity profile of its liabilities and for asset and liability management purposes.

The rating on the notes is the same as Bancomext’s issuer credit rating, which reflects the agency’s belief that the notes will rank equally in right of payment with all the bank's other obligations that are fully guaranteed by the federal government.

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