S&P affirms Nafin

S&P said it affirmed its global scale BBB+/A-2 foreign currency and A-/A-2 local currency ratings on Nacional Financiera SNC, Institución de Banca de Desarrollo (Nafin).

At the same time, the agency affirmed the national scale mxAAA/mxA-1+ ratings on the bank.

Additionally, S&P affirmed the BBB+/A-2 foreign currency issue-level ratings on Nafin's outstanding up to $3 billion certificate of deposit program, and the mxAAA rating on its senior secured notes.

The outlook is stable.

The agency said the ratings on Nafin reflect a view that it continues to be a key government-related entity for Mexico.

Therefore, there is an almost certain likelihood that Mexico would provide extraordinary and timely support to the bank in the event of financial distress, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.