Moody's rates Bancomext notes Baa1

Moody’s Investors Service said it assigned Baa1 and Aaa.mx long-term global local-currency global and Mexican national scale senior unsecured debt ratings to Banco Nacional de Comercio Exterior, SNC, Institucion de Banca de Desarrollo's (Bancomext) three planned issuances of certificados bursatiles de Banca de Desarrollo (Bacmext 21X, Bacmext 21-2X and Bacmext 21-3X).

“Bancomext's Baa1 and Aaa.mx senior unsecured debt ratings are in line with the government of Mexico's sovereign rating and incorporate Moody's assessment of full backing from the Mexican government in case of need,” Moody’s said in a press release.

Bacmext 21X, Bacmext 21-2X and Bacmext 21-3X will be denominated in Mexican pesos and will have maturities of three, five and 10 years, respectively. Bacmext 21X and Bacmext 21-2X will have floating coupons and Bacmext 21-3X will have a fixed coupon. The three issuances will be executed in parallel, and the target combined amount will be Ps. 5 billion, with the maximum combined amount of Ps. 10 billion.

The outlook is negative.

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