S&P affirms Bancomext

S&P said it affirmed its BBB+/A-2 global scale foreign currency ratings and its A-/A-2 global scale local currency ratings on Banco Nacional de Comercio Exterior SNC (Bancomext).

At the same time, the agency affirmed the mxAAA/mxA-1+ national scale ratings on the bank.

The outlook is stable.

Additionally, S&P affirmed the rating on the bank’s senior secured notes at BBB+.

The agency said the ratings incorporate a view that there is an almost certain likelihood that Mexico would provide extraordinary and timely support to the bank in the event of financial distress.

Due to this support, the long-term issuer credit ratings on the bank are one notch higher than its stand-alone credit profile of bbb, S&P said.

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