S&P affirms IPAB

Standard & Poor's said it affirmed its BBB-/A-3 foreign currency counterparty credit ratings and its A-/A-2 local currency counterparty credit ratings on Instituto Para La Proteccion al Ahorro Bancario. At the same time, the A- senior unsecured debt rating on IPAB's Bonos de Protección al Ahorro was affirmed.

S&P said IPAB's public policy role in offering deposit insurance and acting as the public agency for the resolution of distressed financial institutions makes it an important instrument of the sovereign.

The rating on the Mexican peso-denominated savings protection bonds issued by IPAB reflects S&P's assessment that the probability of a timely payment of interest and principal on them is equivalent to the probability of timely payment on securities issued directly by Mexico.

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