DBRS downgrades Nafin

DBRS said it downgraded the long-term issuer rating and long-term senior debt local currency rating of Nacional Financiera SNC (Nafin) from A (low) to BBB (high) on the global scale.

The trend is stable.

All other ratings are unchanged.

The support assessment remains at SA1, which reflects DBRS’s expectation of timely support from the federal government of Mexico, owing to its ownership and control of Nafin.

The agency said the actions align Nafin’s ratings with those of the sovereign.

“Given the Bank’s position as an agent of the state for public policy purposes, Nafin’s ratings are equalized with those of Mexico,” DBRS said in a news release.

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