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Banco Nacional de Comercio Exterior, S.N.C. (Bancomext) Oct 05
Standard & Poors, Oct 2005
Abstract
Full ownership by the United Mexican States; and The full faith and credit of the Mexican government for its debt obligations. Continued shrinking of the balance sheet; and The costly activities of providing technical and promotional assistance to Mexican exporters, which diminishes profitability. The ratings on Banco Nacional de Comercio Exterior S.N.C.'s (Bancomext) senior unsecured debt mirror Standard & Poor's 'BBB' long-term foreign and 'A' long-term local currency sovereign credit ratings on the United Mexican States. Bancomext is fully owned and supported by the Mexican government and one of its main instruments for promoting international trade. The bank's primary role is to facilitate the development of Mexico's external sector by providing financial support and technical assistance to exporters and importers....
Companies mentioned in this report are: Banco Nacional de Comercio Exterior, S.N.C. (Bancomext),United Mexican States,Nacional Financiera, S.N.C. (NAFIN),Petroleos Mexicanos (PEMEX),Banco Nacional de Obras y Servicios Publicos, S.N.C.,Kot Insurance Company A.G.,Pemex Project Funding Master Trust,Sociedad Hipotecaria Federal, S.N.C.
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
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