Moody’s rates Banobras notes Baa1

Moody's Investors Service said it assigned a long-term global local currency senior unsecured debt rating of Baa1 and a Mexican national scale local currency senior unsecured debt rating of Aaa.mx to the proposed certificados bursatiles de Banca de Desarrollo to be issued by Banco Nacional de Obras y Servicios Publicos, SNC, Institucion de Banca de Desarrollo (Banobras).

The outlook on the global scale ratings is negative.

“Banobras' Baa1 senior unsecured debt rating is in line with the government of Mexico's sovereign rating and incorporates Moody's assessment of full support from the Mexican government to the bank's financial obligations, in case of need,” the agency said in a news release.

“This statutory support reflects the bank's status as an arm of the government with a public policy role to promote the development of states and municipalities and to finance infrastructure projects, both strategic priorities for the government.”

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