Banco Nacional de Obras y Serv?cios P?blicos S.N.C. Feb 10

Standard & Poors, February 2010

Abstract
Full ownership by the government of Mexico Improved asset quality Less competition, allowing for more lending to states and municipalities Possibility that the government might draw capital from the bank Weakened capitalization The ratings on Banco Nacional de Obras y Serv-cios P-blicos S.N.C. (BANOBRAS) are equalized to those on its owner, the United Mexican States (foreign currency: BBB/Stable/-3; local currency: A/Stable/A-1; national scale: mxAAA/Stable/--). Standard & Poor's Ratings Services considers BANOBRAS as a government-related entity, with a critical role as a supplier of resources for infrastructure across Mexico, and having an integral relationship with the government of Mexico. The ratings on BANOBRAS are based on the sovereign's explicit guarantee and ultimate liability for all of the bank's debts and obligations....

Companies mentioned in this report are: Banco Nacional de Obras y Servicios Publicos, S.N.C.,United Mexican States,Nacional Financiera, S.N.C. (NAFIN),Banco Nacional de Comercio Exterior, S.N.C. (Bancomext),Petroleos Mexicanos (PEMEX),Kot Insurance Company A.G.,Pemex Project Funding Master Trust,Sociedad Hipotecaria Federal, S.N.C.,Fideicomiso No. F/163
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Banco Nacional de Obras y Servicios Publicos, S.N.C.,United Mexican States,Nacional Financiera, S.N.C. (NAFIN),Banco Nacional de Comercio Exterior, S.N.C. (Bancomext),Petroleos Mexicanos (PEMEX),Kot Insurance Company A.G.,Pemex Project Funding Master Trust,Sociedad Hipotecaria Federal, S.N.C.,Fideicomiso No. F/163

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