NEW YORK, May 3 /PRNewswire/ -- As part of the process of harmonizing
ratings between Fitch IBCA and Duff & Phelps Credit Rating Co., which are
expected to merge by late May 2000, Duff & Phelps Credit Rating Co. (DCR) has
lowered Mexico's long-term local currency (Mexican peso) sovereign rating to
'BBB' (Triple-B) from 'A-' (Single-A-Minus).   Mexico's long-term foreign
currency sovereign rating remains the same at 'BB+' (Double-B-Plus).
    Mexico's sovereign ratings are supported by a combination of long-term
improvements in economic management, performance and key debt indicators, and
more recent improvements, especially in inflation and in the banking sector.
Although adverse domestic or external shocks cannot be ruled out over the
coming year, Mexico's vulnerability to such shocks has clearly diminished.
Moreover, the authorities have in place important contingency financing, which
strengthens external liquidity in the near term.
    Duff & Phelps Credit Rating Co. became a subsidiary of Fitch IBCA on April
12, 2000, and it is expected that the companies will merge by late May 2000.
As previously announced, the combined analytical staffs of Fitch IBCA and DCR
are working together to harmonize the ratings and rating approach for the new
company. As part of this process, analysts from Fitch IBCA participated with
analysts from DCR as part of the joint committee that determined this ratings
action.  Consequently, it is not expected that any further rating action will
be taken when a single set of ratings are issued at the merger of DCR and
Fitch IBCA.
    The long-term local currency (Mexican peso) ratings of Banco Nacional de
Comercio Exterior and Nacional Financiera were lowered to 'BBB' (Triple-B)
from 'A-' (Single-A-Minus) as well.  Accordingly, the short-term local
currency (Mexican peso) ratings of Banco Nacional de Comercio Exterior and
Nacional Financiera were lowered to 'D-2' (D-Two) from 'D-1-' (D-One-Minus).
The long-term foreign currency ratings of Banco Nacional de Comercio Exterior
and Nacional Financiera remain the same at `BB+` (Double-B-Plus).

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