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Banco Nacional de Obras y Servicios Publicos S.N.C. Jul 03
Standard & Poors, July 2003
Abstract
The 'BBB-' rating assigned to Banco Nacional de Obras y Servicios Publicos S.N.C.'s (Banobras) senior unsecured debt mirrors Standard & Poor's long-term foreign currency sovereign credit rating and stable outlook on the United Mexican States, and is based upon the bank's full ownership by and strong support from the Mexican government. As stipulated in the bank's Organic Law, all of its contracted obligations are guaranteed by the full faith and credit of the Mexican government, and represent a portion of Mexico's public debt. In addition, the rating reflects Banobras' importance as the government's main instrument for promoting the development of Mexico's states and municipalities. Banobras is the country's second-largest development bank, with assets of US$16.6 billion (Mexican pesos (MxP) 173.8...
Companies mentioned in this report are: Banco Nacional de Obras y Servicios Publicos, S.N.C.,United Mexican States,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.
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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