Fitch Affirms Bancomext's IDR at 'BBB' and LC at 'BBB+'; Outlook Stable

MONTERREY, Mexico & NEW YORK--()--Fitch Ratings has affirmed the international and national-scale ratings of Mexican development bank Banco Nacional de Comercio Exterior (Bancomext). A full list of rating actions is at the end of this rating action commentary.

Bancomext's ratings reflect the strength of the explicit support that the bank would receive from the Mexican federal government, if required. Under Bancomext's organic law (article 10), the federal government is explicitly responsible for domestic or foreign transactions carried out by the bank. Therefore, if it is required, there is a high probability that support from authorities would be forthcoming, given Mexico's investment grade rating.

Bancomext's ratings will mirror any potential change in Mexico's sovereign ratings, which currently have a Stable Rating Outlook from Fitch, given that the bank's Issuer Default Ratings (IDRs) are driven by the explicit support granted by the Mexican federal government.

Bancomext is Mexico's export-import bank and Fitch believes it has a significant strategic role and high relevance in counter-cyclical economic policies. Unlike other peers such as Nafin and Banobras, Bancomext's lending activities increased moderately during the recent crisis, but have speed up in 2011 and 2012; Fitch expects that this trend will be sustained. Development banks played a critical role during the recent economic crisis at by providing financial alternatives locally to reduce the severity of the liquidity crunch in the local debt market.

The following ratings were affirmed:

Banco Nacional de Comercio Exterior, SNC:

--Long-term IDR at 'BBB';

--Short-term IDR at 'F2';

--Long-term local currency IDR at 'BBB+';

--Short-term local currency IDR at 'F2';

--Support rating at '2';

--Support rating floor at 'BBB';

--Long-term national-scale rating at 'AAA(mex)';

--Short-term national-scale rating at 'F1+ (mex)';

--Local senior unsecured debt issues at 'AAA(mex)';

The Rating Outlook is Stable.

Additional information is available on www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

-- Global Financial Institutions Rating Criteria (Aug 15, 2012);

-- National Ratings Criteria (Jan. 19, 2011);.

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

National Ratings Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=595885

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Contacts

Fitch Ratings
Primary Analyst
Monica Ibarra
Director
+52 81 8399 9150
Fitch Mexico SA de CV
Prol. Alfonso Reyes 2612, Edificio Connexity Piso 8
Col. Del Paseo Residencial
64920 Monterrey, N.L., Mexico
or
Secondary Analyst
Alejandro Garcia, CFA
Senior Director
+52 81 8399 9146
or
Committee Chairperson
Pedro El Khaouli
Senior Director
+58 212 286 3356
or
Media Relations
Elizabeth Fogerty
+1-212-908-0526
elizabeth.fogerty@fitchratings.com