Fitch Affirms Ratings on Mexican Government Related Financial Institutions Following Peer Review

MONTERREY, Mexico--()--Fitch Ratings has today affirmed the ratings on 11 Mexican government related financial institutions following a periodic peer rating review.

--Nacional Financiera (Nafin)

--Banco Nacional de Comercio Exterior (Bancomext)

--Banco Nacional de Obras y Servicios Publicos (Banobras)

--Instituto para la Proteccion al Ahorro Bancario (IPAB)

--Instituto del Fondo Nacional de Vivienda para los Trabajadores (Infonavit)

--Instituto del Fondo Nacional para el Consumo de los Trabajadores (Infonacot)

--Sociedad Hipotecaria Federal (SHF)

--Banco Nacional del Ejercito y Fuerza Aerea y Armada (Banjercito)

--Fondeo Especial para Financiamientos Agropecuarios (FEFA)

--Fideicomiso de Fomento Minero (FIFOMI)

--Banco del Ahorro Nacional y Servicios Financieros (Bansefi)

Fitch has published several Rating Action Commentaries for each of these entities, which are available on www.fitchratings.com and www.fitchratings.mx. These RACs include each issuer's Key Rating Drivers and Sensitivities, as well as a list of all rating actions taken. The ratings are based on the capacity and propensity of support from Mexico's federal government, if needed.

Fitch has affirmed the following ratings:

Nafin

--Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB+';

--Long-Term Local-Currency IDR at 'A-';

--Short-Term Foreign-Currency IDR at 'F2';

--Short-Term Local-Currency IDR at 'F2';

--Support Rating at '2';

--Support Rating Floor at 'BBB+'.

--Long-Term Senior unsecured debt at 'BBB+';

--Short-Term Senior unsecured debt at 'F2';

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

The Rating Outlook is Stable.

Bancomext

--Long-Term Foreign-Currency IDR at 'BBB+';

--Long-Term Local-Currency IDR at 'A-';

--Short-Term Foreign-Currency IDR at 'F2';

--Short-Term Local-Currency IDR at 'F2';

--Support Rating at '2';

--Support Rating Floor at 'BBB+';

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

The Rating Outlook is Stable.

Banobras

--Long-Term Foreign-Currency IDR at 'BBB+';

--Long-Term Local-Currency IDR at 'A-';

--Short-Term Foreign-Currency IDRs at 'F2';

--Short-Term Local-Currency IDRs at 'F2';

--Support Rating at '2';

--Support Rating Floor at 'BBB+';

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

The Rating Outlook is Stable.

IPAB

--Long-Term Foreign-Currency IDR at 'BBB+';

--Long-Term Local-Currency IDR at 'A-';

--Short-Term Foreign-Currency IDRs at 'F2';

--Short-Term Local-Currency IDRs at 'F2';

--Support Rating at '2';

--Support Rating Floor at 'BBB+';

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

The Rating Outlook is Stable.

Infonavit

--Long-Term Foreign-Currency IDR at 'BBB+';

--Long-Term Local-Currency IDR at 'A-';

--Short-Term Foreign-Currency IDRs at 'F2';

--Short-Term Local-Currency IDRs at 'F2';

--Support Rating at '2';

--Support Rating floor at 'BBB+';

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)'.

The Rating Outlook is Stable.

Instituto Fonacot

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)';

--Long-Term local senior unsecured debt at 'AAA(mex)';

--Short-Term local senior unsecured debt at 'F1+(mex)'.

The Rating Outlook is Stable.

SHF

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

The Rating Outlook is Stable.

Banjercito

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)'.

The Rating Outlook is Stable.

FEFA

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

--Local senior unsecured debt at 'F1+(mex)'.

The Rating Outlook is Stable.

FIFOMI

--National Long-Term Rating at 'AA(mex)';

--National Short-Term Rating at 'F1+(mex)';

--Local senior unsecured debt at 'AA(mex)'.

The Rating Outlook is Stable.

Bansefi

--National Long-Term Rating at 'AAA(mex)';

--National Short-Term Rating at 'F1+(mex)'.

The Rating Outlook is Stable.

Additional information is available on www.fitchratings.com

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary: Bancomext and Infonavit/Secondary: Nafin and SHF
Alejandro Tapia
Director
Fitch Mexico, S.A. de C.V.
Prol. Alfonso Reyes 2612, Monterrey, N.L. Mexico
+52 81 8399 9156
or
Primary: Nafin, Banjercito and Bansefi / Secondary: Bancomext and FIFOMI
Diego Garcia
Analyst
+52 81 8399 9100
or
Primary: Banobras
Priscila Garcia
Analyst
+52 81 8399 9100
or
Primary: IPAB
Tania Coello
Analyst
+52 81 8399 9100
or
Primary: Infonacot
Alba Zavala
Associate Director
+52 81 8399 9137
Primary: SHF
Omar Rojas
Analyst
+52 81 8399 9100
or
Primary: FIFOMI, FEFA
Angel Maass
Associate Director
+52 81 8399 9148
or
Secondary: Banobras, Infonavit, Infonacot and Bansefi
Veronica Chau
Senior Director
+52 81 8399 9169
or
Secondary: IPAB and FEFA
Monica Ibarra
Director
+52 81 8399 9150
or
Secondary: Banjercito
Bertha Perez
Associate Director
+52 81 8399 9161
or
Committee Chairperson
Alejandro Garcia, CFA
Managing Director
+52 81 8399-9146
or
Media Relations
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary: Bancomext and Infonavit/Secondary: Nafin and SHF
Alejandro Tapia
Director
Fitch Mexico, S.A. de C.V.
Prol. Alfonso Reyes 2612, Monterrey, N.L. Mexico
+52 81 8399 9156
or
Primary: Nafin, Banjercito and Bansefi / Secondary: Bancomext and FIFOMI
Diego Garcia
Analyst
+52 81 8399 9100
or
Primary: Banobras
Priscila Garcia
Analyst
+52 81 8399 9100
or
Primary: IPAB
Tania Coello
Analyst
+52 81 8399 9100
or
Primary: Infonacot
Alba Zavala
Associate Director
+52 81 8399 9137
Primary: SHF
Omar Rojas
Analyst
+52 81 8399 9100
or
Primary: FIFOMI, FEFA
Angel Maass
Associate Director
+52 81 8399 9148
or
Secondary: Banobras, Infonavit, Infonacot and Bansefi
Veronica Chau
Senior Director
+52 81 8399 9169
or
Secondary: IPAB and FEFA
Monica Ibarra
Director
+52 81 8399 9150
or
Secondary: Banjercito
Bertha Perez
Associate Director
+52 81 8399 9161
or
Committee Chairperson
Alejandro Garcia, CFA
Managing Director
+52 81 8399-9146
or
Media Relations
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com