Since 1996, Mexican banks Banco Nacional de Mexico, S.A. (Banamex) and Bancomer S.A. have placed over $1 billion in credit card securitizations in the international markets. "The securitization of credit card vouchers has proved very valuable for us as a way to access long term capital with an investment-grade cost," said Luis Hernandez, vice president of structured finance at Banamex. "It has been especially effective because we were able to pierce Mexico's below-investment grade sovereign ceiling."

What is the formula of their success? According to a recent report from Standard & Poor's Ratings Services a strong structure, booming tourism, increased usage of credit cards and economic integration.

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