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DUFF & PHELPS: BANCO NACIONAL DE COMERCIO EXTERIOR DOLLAR AND PESO OBLIGATIONS RATED EQUAL TO RATINGS OF MEXICO

 CHICAGO, Dec. 6 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned ratings to the dollar and peso-denominated obligations of Banco Nacional de Comercio Exterior (Bancomext) that are equal to the ratings Duff & Phelps has assigned to the obligations of the United Mexican States. In May 1993, Duff & Phelps issued an investment grade rating for Mexico's dollar-denominated obligations maturing before 2000.
 Duff & Phelps' ratings for the dollar-denominated obligations of Bancomext incorporate a term-to-maturity factor based on the Mexican sovereign ratings associated with each time horizon. This sovereign rating acts as a ceiling on individual issuer ratings. Long-term dollar obligations maturing beyond one year but before Dec. 31, 1996, are rated `BBB' (triple B). Dollar obligations maturing between January 1, 1997, and December 31, 1999, are rated `BBB-' (triple B minus). Dollar obligations maturing after December 31, 1999, are rated `BB+' (double B plus). The short term (maturing under one year) dollar denominated rating for Bancomext is Duff 2.
 For peso-denominated issues, Duff & Phelps assigned ratings of `AA+' (double A plus) for long-term obligations and Duff 1+ (one plus) to the short-term peso-denominated obligations of Bancomext This is Duff & Phelps' highest short-term rating.
 These ratings reflect Bancomext's status as a national development bank for Mexico for which the United Mexican States provides full faith and credit backing for all authorized debt obligations. An additional factor in our ratings is the solid financial condition and operating performance of Bancomext. Founded in 1937, Bancomext is essentially the foreign trade bank of Mexico. The principal purpose of the institution is the channeling of credit, guarantees, and other services in support of Mexico's foreign trade. The bulk of its credit operations are conducted indirectly through commercial banks and other financial intermediaries such as leasing, factoring, and credit unions. Recently, Bancomext has also emphasized providing training and advisory services for private enterprises with an ultimate objective of expanding trade and foreign investment.
 -0- 12/6/93
 /CONTACT: Charles J. Orabutt, Jr., CPA, CFA, 312-368-3153 or David L. Roberts, Ph.D., 212-908-0221, both of Duff & Phelps Credit Rating Co./


CO: Banco Nacional de Comercio Exterior ST: IN: FIN SU: RTG

WB -- NY074 -- 0820 12/06/93 13:08 EST
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Publication:PR Newswire
Date:Dec 6, 1993
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