Fitch rates Bancomext notes BBB

Fitch Ratings said it assigned an expected long-term rating of BBB(EXP) to Banco Nacional de Comercio Exterior, SNC's (Bancomext) proposed subordinated notes.

The expected rating is one notch below Bancomext's BBB+ long-term foreign currency issuer default rating.

The proposed $700 million subordinated notes will be subordinated Tier 2 and will have a maturity of 10 years (due 2026) and can be called by Bancomext at the date of the fifth anniversary of the notes, subject to the prior approval of the Central Bank of Mexico.

The notes constitute subordinated preferred debt and will be subordinated and junior in right of payment and in liquidation to all of Bancomext's present and future senior debt. They will rank pari passu without preference among themselves and with all of Bancomext's present and future other unsecured subordinated preferred debt.

The notes will be senior to subordinated non-preferred debt and all classes of Bancomext's common equity Tier 1 (CET1) and additional Tier 1 (AT1) capital.

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