Fitch rates Nacional Financiera bonds BBB+

Fitch Ratings said it expects to assign a BBB+ rating to Nacional Financiera SNC’s (Nafin) senior unsecured bonds.

The amount of this issue could be up to $500 million with a tenor up to 10 years, Fitch said.

Because this senior unsecured debt issue, the rating assigned is the same as Nafin’s long-term issuer default rating, the agency said.

The rating reflects Nafin’s long-term counterparty risk, Fitch said.

The ratings are aligned with the sovereign ratings and reflect the high ability and willingness of Mexico’s federal government to support the enterprise at all times if needed, the agency added.

Mexico has the ability to support the company and the willingness, Fitch said.

Nafin’s key role is to encourage the development of private-sector micro-, small- and medium-enterprises by providing financing options and general services, the agency said.

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