Fitch Upgrades Mexican Development Banks Following Sovereign Upgrade.NEW YORK New York, state, United StatesNew York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has taken the following rating actions on Mexican development banks, following the upgrade of Mexico's sovereign ratings. The upgrades for Banco Nacional Banco Nacional was a bank from Brazil. It was taken over by Unibanco in 1995. The Nacional brand is better known as main sponsor of Ayrton Senna during most of his racing career in Formula 1 (1985-1994). de Comercio Exterior, Banco Nacional de Obras y Servicios Publicos, and Nacional Financiera reflect the explicit guarantee from the sovereign to support these banks' liabilities and overall operations in accordance with their organic laws. Banco Nacional de Comercio Exterior -- Long-term foreign currency upgraded to 'BBB' from 'BBB-', Stable Outlook; -- Short-term foreign currency affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'F3'; -- Long-term local currency upgraded to 'BBB+' from 'BBB'; -- Short-term local currency affirmed at 'F2'; -- Support affirmed at '2'. Banco Nacional de Obras y Servicios Publicos -- Long-term foreign currency upgraded to 'BBB' from 'BBB-', Stable Outlook; -- Short-term foreign currency affirmed at 'F3'; -- Long-term local currency upgraded to 'BBB+' from 'BBB'; -- Short-term local currency affirmed at 'F2'; -- Support affirmed at '2'. Nacional Financiera -- Long-term foreign currency upgraded to 'BBB' from 'BBB-', Stable Outlook; -- Short-term foreign currency affirmed at 'F3'; -- Long-term local currency upgraded to 'BBB+' from 'BBB'; -- Short-term local currency affirmed at 'F2'; -- Support affirmed at '2'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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