TEXT-Fitch affirms Bancomext's IDR at 'BBB'

Wed Nov 21, 2012 1:25pm EST

Nov 21 - Fitch Ratings has affirmed the international and national-scale
ratings of Mexican development bank Banco Nacional de Comercio Exterior
(Bancomext). A full list of rating actions is at the end of this rating action
commentary.

Bancomext's ratings reflect the strength of the explicit support that the bank
would receive from the Mexican federal government, if required. Under
Bancomext's organic law (article 10), the federal government is explicitly
responsible for domestic or foreign transactions carried out by the bank.
Therefore, if it is required, there is a high probability that support from
authorities would be forthcoming, given Mexico's investment grade rating.

Bancomext's ratings will mirror any potential change in Mexico's sovereign
ratings, which currently have a Stable Rating Outlook from Fitch, given that the
bank's Issuer Default Ratings (IDRs) are driven by the explicit support granted
by the Mexican federal government.

Bancomext is Mexico's export-import bank and Fitch believes it has a significant
strategic role and high relevance in counter-cyclical economic policies. Unlike
other peers such as Nafin and Banobras, Bancomext's lending activities increased
moderately during the recent crisis, but have speed up in 2011 and 2012; Fitch
expects that this trend will be sustained. Development banks played a critical
role during the recent economic crisis at by providing financial alternatives
locally to reduce the severity of the liquidity crunch in the local debt market.

The following ratings were affirmed:

Banco Nacional de Comercio Exterior, SNC:
--Long-term IDR at 'BBB';
--Short-term IDR at 'F2';
--Long-term local currency IDR at 'BBB+';
--Short-term local currency IDR at 'F2';
--Support rating at '2';
--Support rating floor at 'BBB';
--Long-term national-scale rating at 'AAA(mex)';
--Short-term national-scale rating at 'F1+ (mex)';
--Local senior unsecured debt issues at 'AAA(mex)';

The Rating Outlook is Stable.

Additional information is available on www.fitchratings.com. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:

-- Global Financial Institutions Rating Criteria (Aug 15, 2012);
-- National Ratings Criteria (Jan. 19, 2011);.

Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
National Ratings Criteria
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