S&P rates Fideicomiso loans BBB+

S&P said it assigned its BBB+ global scale long-term local-currency debt rating and mxAAA national scale rating to the 26 bank loans of the trust Fideicomiso Irrevocable Numero CIB/3484, constituted in CIBanco SA, Institucion de Banca Multiple, for a total amount up to Ps. 50 billion.

“Even though the trust CIB/3484 is constituted as a private trust, we consider it a government-related entity. None of the operations has any specific guarantee from the federal government. However, we think there is an almost certain likelihood that the federal government will use all legal mechanisms to transfer, on behalf of the federative entities, the corresponding resources to the trust in a timely manner during the life of the financial obligations, even in extraordinary circumstances,” the agency said in a press release.

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