Fitch Affirms Bancomext's IDRs at 'BBB+'/'A-'; Outlook Stable

MILAN & NEW YORK & LONDON--()--Fitch Ratings has affirmed the Long-term foreign currency and local currency Issuer Default Ratings (IDRs) of Banco Nacional de Comercio Exterior, S.N.C. (Bancomext) at 'BBB+' and 'A-', respectively. In addition, Fitch affirms Bancomext's short-term IDRs at 'F2', its support rating at '2', support rating floor at 'BBB+', and its long- and short-term national scale ratings at 'AAA(mex)' and 'F1+(mex)', respectively. The entity's local senior unsecured debt issues were also affirmed at 'AAA(mex)'. The Outlook on the Long-term ratings is Stable. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS - IDRs and National Scale Ratings

Bancomext's IDRs and Outlook are aligned with Mexico's sovereign ratings and reflect the high ability and propensity of support from the country's federal government if needed. The ability of support is reflected in the investment grade rating of 'BBB+' of Mexico while the propensity of support relies on Bancomext's explicit guarantee stated in its Organic Law (Article 10). Bancomext's national ratings are at the highest grade in the ratings scale.

Under this law, the Mexican government is responsible for domestic or foreign operations carried out by Bancomext. The propensity of support also considers Bancomext's strategic role and high relevance in the Mexican federal government's execution of its economic objectives.

RATING SENSITIVITIES

The Rating Outlook is Stable and is in line with the Rating Outlook of Mexico's ratings, so no changes are expected to Bancomext's ratings in the short or medium term. Bancomext's ratings would reflect any change in Mexico's sovereign ratings, given that the bank's IDRs are driven by the explicit support granted by the Mexican federal government in its organic law.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch affirmed Bancomext's Support Rating and Support rating floor at '2' and 'BBB+', respectively, given its important policy role as the third largest development bank in Mexico and the full guarantee it has from the sovereign. The bank's main objective is to finance export-import activities of the public and private sectors, with a greater emphasis on small and medium enterprises (SMEs). Fitch's support rating floors indicate a level below which the agency will not lower the bank's Long-term IDRs as long as the assessment of the support factors does not change.

RATING SENSITIVITIES

A potential upgrade or downgrade of Bancomext's Support Rating and Support rating floor will be driven by a change in Mexico's sovereign rating and/or a change in the expected propensity of support from the Mexican government; both unlikely factors at present.

Fitch has affirmed Bancomext's ratings as follows:

--Long-term foreign currency IDR at 'BBB+'; Outlook Stable

--Long-term local currency IDR at 'A-'; Outlook Stable

--Short-term foreign and local currency IDRs at 'F2';

--Support Rating at '2';

--Support Rating floor at 'BBB+';

--National scale long-term rating at 'AAA(mex)'; Outlook Stable

--National scale short-term rating at 'F1+(mex)';

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

The Rating Outlook is Stable.

Additional information is available on www.fitchratings.com

Applicable Criteria and Related Research:

--'Global Bank Rating Criteria' (March 25, 2015);

--'National Scale Ratings Criteria' (Oct. 30, 2013).

Applicable Criteria and Related Research:

Global Bank Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863501

National Scale Ratings Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=720082

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=984297

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 Analyst
Diego Garcia, +52 818 399 9100
Analyst
Fitch Mexico S.A. de C.V.
Prol. Alfonso Reyes 2612
64920 Monterrey, Mexico
or
Secondary Analyst
Bertha Perez, +52 818 399 9161
Director
or
Committee Chairperson
Theresa Paiz Fredel, +1-212-908-0534
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Diego Garcia, +52 818 399 9100
Analyst
Fitch Mexico S.A. de C.V.
Prol. Alfonso Reyes 2612
64920 Monterrey, Mexico
or
Secondary Analyst
Bertha Perez, +52 818 399 9161
Director
or
Committee Chairperson
Theresa Paiz Fredel, +1-212-908-0534
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com