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Banco Nacional de Comercio Exterior, S.N.C. (Bancomext) Jun 04
Standard & Poors, June 2004
Abstract
Full ownership by the United Mexican States; and The full faith and credit of the Mexican government for its debt obligations. Continued deterioration of the balance sheet; Underutilized lending capacity; and The highly expensive activity of providing technical assistance to exporters, which curbs 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, which is fully owned and supported by the Mexican government, is one of the government's 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...
Companies mentioned in this report are: Banco Nacional de Comercio Exterior, S.N.C. (Bancomext),United Mexican States,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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