Fitch Affirms Mexican Government Related Financial Institutions Following Peer Review

MONTERREY, Mexico--(BUSINESS WIRE)-- Fitch Ratings has affirmed the ratings on the following state-owned financial institutions in Mexico:

--Nacional Financiera, S.N.C. (Nafin)

--Banco Nacional de Comercio Exterior, S.N.C. (Bancomext)

--Banco Nacional de Obras y Servicios Publicos, S.N.C. (Banobras)

--Instituto para la Proteccion al Ahorro Bancario (IPAB)

--Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit)

--Instituto del Fondo Nacional para el Consumo de los Trabajadores (Instituto Fonacot)

--Sociedad Hipotecaria Federal (SHF)

--Banco Nacional del Ejercito, Fuerza Aerea y Armada, S.N.C. (Banjercito)

--Fondo Especial para Financiamientos Agropecuarios (FEFA)

--Banco del Ahorro Nacional y Servicios Financieros (Bansefi)

--Fideicomiso de Fomento Minero (FIFOMI)

A full list of rating actions is provided at the end of this release.

The ratings of all entities reflect the capacity and the propensity of support from Mexico's federal government, if needed. The support for Nafin, Bancomext, Banobras, SHF, Bansefi and Banjercito is based on an explicit guarantee stated in their respective organic laws, as well as, the key role that the entities play within the government's economic policy.

The support for Infonavit, IPAB, Instituto Fonacot, FEFA and FIFOMI is reflected in the implicit sovereign support on behalf of the Federal Government these entities would receive if required, given the key role each entity has in the local financial sector and their high importance for the government's policies and social development goals. Although these entities are not explicitly guaranteed by the Mexican federal government, Fitch considers that the propensity of the sovereign to provide support is strong. None of the banks have viability ratings.

For further details on the particular key rating factors and rating sensitivities of each of these entities, as well as for regulatory information, please view the individual press releases published today and available on Fitch's websites 'www.fitchratings.com' and 'www.fitchratings.mx'.

Fitch has affirmed the following ratings:

Nafin

--Long-term foreign currency Issuer Default Rating (IDR) at 'BBB+';

--Long-term local currency IDR at 'A-';

--Short-term foreign and local currency IDRs at 'F2';

--Support rating at '2';

--Support rating floor at 'BBB+';

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

The Rating Outlook is Stable.

Bancomext

--Long-term foreign currency IDR at 'BBB+';

--Long-term local currency IDR at 'A-';

--Short-term foreign and local currency IDRs at 'F2';

--Support rating at '2';

--Support rating floor at 'BBB+';

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)';

--Local senior unsecured debtat 'AAA(mex)'.

The Rating Outlook is Stable.

Banobras

--Long-term foreign currency IDR at 'BBB+';

--Long-term local currency IDR at 'A-';

--Short-term foreign and local currency IDRs at 'F2';

--Support rating at '2';

--Support rating floor at 'BBB+';

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

The Rating Outlook is Stable.

IPAB

--Long-term foreign currency IDR at 'BBB+';

--Long-term local currency IDR at 'A-';

--Short-term foreign and local currency IDRs at 'F2';

--Support rating at '2';

--Support rating floor at 'BBB+';

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

The Rating Outlook is Stable.

Infonavit

--Long-term foreign currency IDR at 'BBB+';

--Long-term local currency IDR at 'A-';

--Short-term foreign and local currency IDRs at 'F2';

--Support rating at '2';

--Support rating floor at 'BBB+';

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)'.

The Rating Outlook is Stable.

Instituto Fonacot

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)';

--Long-term local senior unsecured debt at 'AAA(mex)';

--Short-term local senior unsecured debt at 'F1+(mex)'.

The Rating Outlook is Stable.

SHF

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

The Rating Outlook is Stable.

Banjercito

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)'.

The Rating Outlook is Stable.

FEFA

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)';

--Local senior unsecured debt at 'AAA(mex)'.

--Local senior unsecured debt at 'F1+(mex)'.

The Rating Outlook is Stable.

FIFOMI

--National scale long-term rating at 'AA(mex)';

--National scale short-term rating at 'F1+(mex)';

--Local senior unsecured debt at 'AA(mex)'.

The Rating Outlook is Stable.

Bansefi

--National scale long-term rating at 'AAA(mex)';

--National scale short-term rating at 'F1+(mex)'.

The Rating Outlook is Stable.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Bank Rating Criteria' (March 20, 2015);

--'Global Non-Bank Financial Institutions Rating Criteria' (April 28, 2015);

--'National Scale Ratings Criteria' (Oct. 30, 2013).

Applicable Criteria and Related Research:

Global Bank Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863501

National Scale Ratings Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=720082

Global Non-Bank Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865351

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Fitch Ratings
Diego Garcia (Primary: Nafin, Bancomext, Banobras, IPAB, Banjercito and Bansefi / Secondary: FIFOMI)
Analyst
Fitch Mexico, S.A. de C.V.
Prol. Alfonso Reyes 2612, Monterrey, N.L. Mexico
+52 81 8399 9100
or
Gilda de la Garza (Primary: Infonavit, SHF)
Associate Director
Fitch Mexico, S.A. de C.V.
Prol. Alfonso Reyes 2612, Monterrey, N.L. Mexico
+52 81 8399 9160
or
Angel Maass (Primary: Fifomi, FEFA)
Associate Director
Fitch Mexico, S.A. de C.V.
Prol. Alfonso Reyes 2612, Monterrey, N.L. Mexico
+52 81 8399 9148
or
Alba Zavala (Primary: Infonacot / Secondary: SHF, Infonavit)
Associate Director
Fitch Mexico, S.A. de C.V.
Prol. Alfonso Reyes 2612, Monterrey, N.L. Mexico
+52 81 8399 9137
or
Monica Ibarra (Secondary: Nafin and IPAB)
Director
+52 81 8399 9150
or
Veronica Chau (Secondary: Bansefi and Infonacot)
Director
+52 81 8399 9169
or
Bertha Perez (Secondary: Bancomext, Banobras and Banjercito)
Associate Director
+52 81 8399 9161
or
Ricardo Aguilar (Secondary: FEFA)
Associate Director
+52 81 8399 9124
or
Committee Chairperson
Theresa Paiz Fredel
Senior Director
+1 212-908-0534
or
Media Relations:
Elizabeth Fogerty, 1 212-908-0526
[email protected]

Source: Fitch Ratings

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