Moody’s rates Banco Nacional notes Baa1

Moody's Investors Service said it assigned Aaa.mx and Baa1 long-term local-currency senior unsecured debt ratings, respectively, in the Mexican national scale and the global scale to Banco Nacional de Obras y Servicios Publicos, SNC’s four proposed certificados bursatiles de Banca de Desarrollo (Banob 21X, Banob 21-2X, Banob 21-3X and Banob 21UX).

Banob 21X, Banob 21-2X and Banob 21-3X will be denominated in Mexican pesos, and Banob 21UX will be denominated in UDI (unidades de inversion), due in 2024, 2026, 2031 and 2036, respectively. Banob 21X and Banob 21-2X will have a floating coupon, while Banob 21-3X and Banob 21UX will be fixed rate.

The four offerings will be done concurrently, and the target combined amount will be Ps. 7.5 billion, with maximum combined amount of Ps. 10 billion.

The proceeds will be used to finance or refinance sustainable projects.

The outlook on the global scale ratings is negative.

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