MOODY'S RATES PRIME-1 NACIONAL FINANCIERA, S.N.C., GRAND CAYMAN BRANCH, FOR FULLY SUPPORTED CP PROGRAM
New York, May 23, 1996 -- Moody's Investors Service assigned a Prime-1 rating to National Financiera, S.N.C., Grand Cayman Branch, for a commercial paper program with an authorized amount of $315,000,000. Moody's said the rating is based on the Prime-1 rating of Societe Generale, New York Branch, which provides an irrevocable direct-pay letter of credit that provides full support for the payment of commercial paper notes. First Trust of New York, National Association, as depositary, will draw on the letter of credit to pay maturing commercial paper notes. Bank of America National Trust and Savings Association acts as administrative agent.
Nacional Financiera, S.N.C., (NAFIN), based in Mexico City, is a national credit institution and development bank that promotes
and finances economic development in Mexico. NAFIN has been controlled by the Mexican government since its incorporation in 1934. By statute, the central government must own 66% of the bank; it currently owns nearly 100%. Historically, NAFIN made loans to public sector entities, but since 1989 NAFIN has emphasized the stimulation of small and medium-sized businesses by enhancing access to credit and providing training assistance. NAFIN also provides import and export financing to Mexican companies, disburses funds provided to Mexico by multilateral organizations and foreign governments, and represents Mexico in negotiations with the World Bank and the Inter-American Development Bank (IDB). NAFIN's long-term debt is rated Ba2 by Moody's.
Societe Generale, based in Paris, France, and privatized in 1987, is one of France's financially stronger and best managed universal banks. Societe Generale's senior debt obligations are rated Aa2 by Moody's, its rating for bank deposits is Prime-1, and its financial strength rating is B+.
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