Moody’s gives A3 to Nafin debt

Moody's de Mexico said it assigned A3 and Aaa.mx long term global local currency and Mexican national scale senior unsecured debt ratings to Nacional Financiera, SNC, Institucion de Banca de Desarrollo's (Nafin) issuance of Certificados Bursatiles de Banca de Desarrollo (NAFF 16V).

The outlook is negative.

NAFF 16V will be made available in the domestic market with a maturity of seven years and a fixed coupon. The issuance will total an amount up to Ps. 2 billion.

Moody’s said the A3 senior debt rating assigned to Nafin's local currency issuance reflects the very high likelihood that the Mexican government (A3 negative) will provide financial support to the institution if Nafin finds itself facing financial stress. This assessment of very high support provides four notches of uplift from Nafin's ba1 standalone baseline credit assessment.

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