CICE Group , a port and logistics services provider, received the “Port Financing of the Year” award for the financing of its Semi-Specialized Container and Project Cargo Terminal, located in the North Bay of the port of Veracruz.

The recognition, granted by LatinFinance , a specialized media outlet in banking, investment and infrastructure in Latin America, highlights that the financing operation for 210 million dollars (mdd) represents a precedent for the Mexican port sector, being the first banking transaction aimed at the construction, equipment and operation of a greenfield port terminal (developed from its initial stage in a new area of ​​the port area).

With this investment, Grupo CICE reaffirmed its commitment to the country’s economic and logistical development , consolidating the port of Veracruz as a strategic hub for Mexican foreign trade, while strengthening Mexico’s position on the global stage through comprehensive and sustainable solutions that drive connectivity and efficiency in supply chains .

“LatinFinance’s recognition of the Bahía Norte project reflects Grupo CICE’s strength, vision, and leadership in the transformation of the national port system and its role in strengthening the country’s foreign trade,” Grupo CICE emphasized in a statement.

According to the company, the financing was structured  without sovereign backing or the participation of multilateral organizations; that is, it did not have government guarantees or the support of international financial institutions .

“The financial scheme, led by  Banco del Bajío  as the agent bank and with the participation of  Banorte , Banco Nacional de Comercio Exterior (Bancomext) , Ve por Más (BX+) ,  Monex and Multiva , was aimed at strengthening the confidence of lenders through instruments such as trusts, corporate guarantees and the monetization of future flows. Additionally, FIRA contributed a long-term fixed-rate tranche, helping to mitigate risks and balance the project’s financial structure,” he explained.

The transaction combined revenue from Grupo CICE’s established activities with projected future cash flows from the new terminal, enabling a blended brownfield-greenfield financing structure that integrates operating assets with new investments under development.

“The financial structuring was handled by  Latam Capital Advisors  as the structuring agent, while  Santamarina y Steta  served as legal advisor to Grupo CICE, and  CMS Woodhouse Lorente Ludlow served as legal advisor to the participating credit institutions,” the firm explained.

It is worth remembering that the CICE Bahía Norte Terminal began operations in April 2025 and today it is consolidated as one of the most modern port infrastructures in the country, receiving the main shipping lines at a global level , serving container services under a regular import and export scheme, including multimodal yards, warehouses, cold storage rooms and a two thousand meter railway connection, designed to reach a dynamic capacity of up to 500 thousand 20-foot containers (TEU) per year.

(Main photo taken from https://home.grupocice.com/ ) .

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El cargo CICE Group recognized with the “Port Financing of the Year” award apareció primero en T21.

Due to the increase in tariffs on Mexican goods exports to the United States, driven by Donald Trump , president of the United States, Fitch Ratings has estimated a challenging outlook for Mexico’s banking sector , in which the sector will face greater credit deterioration and profit pressure.

“Capital buffers and liquidity profiles support the ratings, but uncertainty caused by the impending tariff-induced recession elevates credit risk,” the firm noted.

In its analysis, Fitch Ratings indicated that Mexican banks will face revenue pressure and margin compression due to their negative sensitivity to lower rates and higher credit costs.

He stressed that this would specifically affect small and medium-sized banks, “whose lower capital bases and less diversified business models tend to be more sensitive to industries vulnerable to increased US tariffs, such as the industrial, agricultural, automotive, construction, energy, and mining sectors.”

The country’s seven largest banks, which account for 71% of total assets, will also feel the impact, but their diversification could partially mitigate the effects. However, the recession resulting from tariffs will affect sectors such as housing, retail, and construction.

“Corporate lending will be more sensitive to credit demand from key industries closely linked to the U.S.-Mexico relationship, trade relations, and investor confidence in the country. However, the banking system’s exposure to segments sensitive to U.S. tariffs and exposure to the U.S. dollar in certain sectors is moderate,” he warned.

The institution warned that the depreciation of the Mexican peso is a risk, and estimated that Mexico’s business environment has been affected by judicial reform and labor cost inflation , “exacerbated by significant uncertainty about the timing and magnitude of U.S. tariffs, which is weighing on capital spending and reducing consumer confidence.”

Despite this uncertainty, he considered that the Mexican banking system is well positioned to absorb the risks arising from an economic contraction.

In this regard, he noted that Mexican banking systems weathered the global financial crisis and the COVID-19 pandemic, and clarified that the rating downgrades during these periods were due to sovereign debt downgrades and not to pressure on their independent ratings.

It’s worth noting that Fitch revised its growth forecasts for Mexico downward due to the increase in US tariffs, estimating that real GDP growth will be 0%and 0.8% in 2025 and 2026, respectively.

On March 24, Trump announced that some countries would receive  exemptions from the tariffs to be announced on April 2, because he was “embarrassed” to charge them.

“I may give exemptions to many countries. They’ve charged us so much that I’m embarrassed to charge them what they’ve charged us, but it will be substantial, and they’ll know it on April 2nd,” the US president stated.

Meanwhile, Mexican President Claudia Sheinbaum said at her morning press conference Wednesday that the country could receive differential treatment in the widespread imposition of tariffs due to its participation in the United States-Mexico-Canada Agreement (USMCA) ; Negotiations are continuing to try to stop the 25 percent levy .

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El cargo US tariffs will also hit Mexican banking, warns Fitch Ratings. apareció primero en T21.