In accordance with the provisions of LPAB Articles 45 and 47, fiscal resources have been allocated to IPAB through the Federal Budget of Expenditures and IPAB has been authorized through the Federal Law on Revenues to issue securities and contract loans for the sole purpose of exchanging or refinancing its obligations.

IPAB, through the Central Bank, which acts as its financial agent, engages in refinancing operations mainly through the issue of market instruments refereed to as Savings Protection Bonds. IPAB has also contracted loans with financial institutions only when they help to improve the terms of its maturities profile and/or the cost of its debt.

Issues of Savings Protection Bonds have allowed IPAB to refinance its other financial obligations on more favorable terms and gradually replace bank loans with market instruments.

Aware of IPAB’s importance and responsibility as a government issuer, IPAB maintains constant and transparent communication with the market, taking all actions appropriate to consolidate its position as a reliable and recognized issuer.

Its efforts have been recognized by credit risk ratings assigned by the three principal authorized and independent rating agencies operating in Mexico.