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Undersecretary: No Risk for Development Banks that Granted Pemex Credit Lines

Moody's says that the credit lines will put the development banks at risk
By The News · 15 of March 2016 21:39:18
MÉXICO CRECE MÁS QUE EL AÑO PASADO, PESE A ENTORNO VOLÁTIL, El subsecretario de Hacienda, Fernando Aportela Rodríguez pronostica que el PIB crecerá por arriba del 2.6 por ciento en el 2016, gracias al fortalecimiento del mercado interno, a la estabilización de la plataforma petrolera y a la aceleración de la economía de los Estados Unidos. Photo: Notimex/Javier Lira Otero, No available

The Treasury and Public Credit Committee (SHCP) denied that the credit lines for 15 billion pesos granted to Petróleos Mexicanos (Pemex) by the development banks Nafin, Banobras and Bancomext puts those banks at risk, as had been claimed by the credit rating agency Moody’s.

The undersecretary of the Treasury and Public Credit, Fernando Aportela Rodríguez, stated that the credit granted to Pemex represents only 2 percent, on average, of the development banks’ portfolios.

Aportela stressed that the credit lines, which Pemex will use to pay its suppliers, were granted according to all of the proper procedures. “There is no problem with those credits,” he added, noting that Moody’s had raised the banks’ credit ratings a few weeks before.

Photo: Saúl López/Cuartoscuro.com

Photo: Saúl López/Cuartoscuro.com

The three development banks “are not in any kind of risk,” Aportela said in an interview after presenting his investigation “Diarios Financieros en México,” which explores the financial behavior of low-income homes.

The undersecretary stated that the development banks have procedures like any credit-granting institution, using independent advisers and carefully analyzing every credit they grant.

Aportela Rodríguez believes that there is no possibility that Moody’s will lower the development banks’ credit ratings.