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Rating Action:

Moody's assigns Aaa.mx to SGFP México's long term certificados bursátiles

Global Credit Research - 08 May 2013

Mexico, May 08, 2013 -- Moody's de México assigned an Aaa.mx long term Mexican National Scale senior debt rating, with stable outlook, to SGFP México, S. de R.L. de C.V.'s (SGFP México) second issuance of Long Term Certificados Bursátiles (SGMEX 13D) set up for an amount of up to US$20 million. On its global scale Moody's Investors Service assigned a long-term global local currency debt rating of A2, with stable outlook, to these notes.

The second take-down of Long Term Certificados Bursátiles will have a maturity of up to three years. These notes represent the second issuance under SGFP México's debt program (Programa Dual Revolvente de Certificados Bursátiles) set for up to Mx$10 billion.

The following senior debt ratings were assigned to SGFP México's second issuance of Long Term Certificados Bursátiles:

- Long-term Mexican National Scale senior debt rating of Aaa.mx, stable outlook

- Long-term global local currency senior debt rating of A2, stable outlook

RATINGS RATIONALE

SGFP México's debt ratings are based on an irrevocable and unconditional guarantee provided by Société Générale rated A2/stable/Prime-1 by Moody's Investors Service. SGFP Mexico's only activity is to onlend the proceeds of any borrowings to its parent, and it is not engaged in any other activities. As such, the issuer faces limited risks other than its exposure to its parent, upon whom it is entirely dependent for repayment of its obligations, and country risk.

The methodology used in rating SGFP México was "Moody's Consolidated Global Bank Rating Methodology" published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

The long term Mexican National Scale rating of Aaa.mx indicates issuers or issues with the strongest creditworthiness relative to other domestic issuers.

SGFP México is headquartered in Mexico City. As of 31 March 2013, the company reported Mx$1.25 billion in assets (source: Moody's and Bolsa Mexicana de Valores).

The period of time covered in the financial information used to determine the rating is between 31 December 2011 and 31 March 2013 (source: Moody's, Bolsa Mexicana de Valores and SGFP México).

The sources and items of information used to determine the rating include 2012 and 2013 interim financial statements(source: Moody's, Bolsa Mexicana de Valores and SGFP México); year-end 2012 and 2011 audited financial statements (source: SGFP México, audited by Socio de Galaz, Yamazaki, Ruiz Urquiza, S.C.miembro de Deloitte Touche Tohmatsu Limited, Moody's and Bolsa Mexicana de Valores); irrevocable and unconditional guarantees from Société Générale (source: SGFP México); debt offering memoranda (source: SGFP México).

Additional information on Rating Symbols and Definitions, issuer, lead analyst, ratings history, etc., can be found in Moody's local website www.moodys.com.mx.

REGULATORY DISCLOSURES

Information sources used to prepare the rating are the following : parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

The rating has been disclosed to the rated entity prior to public dissemination.

The date of the last Credit Rating Action was 25 September 2012, when Moody's assigned ratings to SGFP Mexico's first issuance of Long Term Certificados Bursatiles.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

In compliance with regulatory requirements, Moody's de Mexico has been informed that during the two-month period prior to the execution of the rating agreement governing this rating assignment, no other credit rating agency has assigned a rating on the same issuer/securities referred to in this press release.

This Rating is subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de Mexico S.A. de C.V accepting any liability as a result.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.mx for further information.

Please see www.moodys.com.mx for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

David Olivares Villagomez
VP - Senior Credit Officer
Financial Institutions Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Maria Celina Vansetti-Hutchins
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Moody's assigns Aaa.mx to SGFP México's long term certificados bursátiles
No Related Data.

 

© 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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