S&P affirms Infonavit

Standard & Poor's said it affirmed its BBB/A-3 foreign currency counterparty credit ratings on Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit).

The outlook is stable.

At the same time, the agency said it affirmed Infonavit's A/A-1 local currency and AAA(mx)/A-1+(mx) national-scale counterparty credit ratings on the institute.

The affirmation of the ratings considers Infonavit's importance in the implementation of the housing policy of the government and a certain degree of implicit support from the Mexican government, S&P said.

Improving earnings generation capacity, strong cash flows and prudent risk management procedures underpin the ratings, the agency added, but a history of high levels of delinquencies, pressures over its funding capacity due to growth trends and a degree of political risk limit the rating level.

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