S&P ups Instituto del Fondo

Standard & Poor's said it raised the foreign-currency counterparty credit rating on Instituto del Fondo Nacional de la Vivienda para los Trabajadores to BBB+/A-2 from BBB/A-3.

The agency affirmed the A/A-1 local-currency counterparty credit rating and the mxAAA/mxA-1+ Mexican national scale rating.

The outlook is stable.

S&P said the upgrade is based on Infonavit's sound business profile.

Ratings reflect Infonavit's strategic importance to the Mexican government given its key role in the implementation of the housing policy in the country and the institute's fiscal attributes, the agency said.

These factors are offset by the inherent political risk to which the institute is subject given its ownership and social focus, pressures on its funding capacity due to projected growth trends and low asset-quality indicators, S&P said.

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