DBRS Assigns Ratings of BBB (high) and R-1 (low) to Nacional Financiera, S.N.C.’s Certificates of Deposit

DBRS Limited (DBRS) assigned ratings to Nacional Financiera, S.N.C.’s (Nafin or the Bank) Certificates of Deposit. Specifically, DBRS assigned a Long-Term Certificates of Deposit Foreign Currency – Global Scale rating of BBB (high) and a Short-Term Certificates of Deposit Foreign Currency – Global Scale rating of R-1 (low). The trend on both ratings is Stable. All other ratings for Nafin are unchanged.

RATING DRIVERS
Positive rating pressure would likely be linked to an improvement in the sovereign ratings of the United Mexican States. Conversely, a downgrade of the sovereign ratings would likely have a negative effect on Nafin’s ratings.

Furthermore, any indication of a reduction of support from the Mexican federal government could affect DBRS’s Support Assessment and potentially have a negative impact on the Bank’s ratings.

Notes:
All figures are in Mexican pesos unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (May 2017), which can be found on dbrs.com under Methodologies.

Lead Analyst: Maria-Gabriella Khoury, Vice President, Canadian Financial Institutions Group
Rating Committee Chair: Michael Driscoll, Managing Director, Head of NA FIG, Global Financial Institutions Group

The rated entity or its related entities did initially participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.