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13 Jun 2014
Mexico, June 13, 2014 -- Moody's de México says that, as of this date, it is
not downgrading or withdrawing its ratings on the mortgage-backed
securities listed below solely as a result of the execution of a proposal
by Proyectos Adamantine, S.A. de C.V.
to transfer the primary servicing of the mortgage loans that back the
transactions from Patrimonio, S.A. de C.V.
to Tertius, S.A. de C.V.
The controlling beneficiary must approve the proposal by Proyectos Adamantine,
as master servicer, to appoint Tertius as substitute primary servicer
before execution of a new servicing agreement.
The affected certificates and their ratings are as follows:
-- MXMACCB 05U Class A, ratings of Ba1 (sf) (Global
Scale, Local Currency), A1.mx (sf) (Mexican National
-- MXMACCB 05-2U Class A, ratings of Caa1 (sf)
(Global Scale, Local Currency), Caa1.mx (sf) (Mexican
-- MXMACCB 06U Class A, ratings of Caa2 (sf) (Global
Scale, Local Currency), Caa2.mx (sf) (Mexican National
In response to Proyectos Adamantine's request, Moody's analyzed
the credit impact of the proposed amendment. Moody's opinion,
as of this date, reflects only the credit impact of the proposed
amendment; its opinion is not a determination as to whether any such
amendments could have an adverse effect unrelated to credit risk on any
security holder. Further, this opinion does not preclude
a future downgrade or withdrawal of the current ratings for any reason.
Moody's does not expect significant operational disruptions,
given that Tertius and Patrimonio use the same operating platform and
resources. In addition, one credit positive fact is that,
as part of the transition, bank accounts will be opened in name
of the trust, which will be included in the notification to the
To assess the magnitude of the risk, Moody's considered the following
key factors and evaluated how they apply to the specific circumstances
of each transaction:
1) the proportion of Patrimonio-serviced loans in the different
securitized pools, to determine the extent of the potential interruption
to mortgage collections;
2) the participation of Proyectos Adamantine, as master servicer,
in coordinating and overseeing the servicing transfer;
3) Tertius' quality and stability as servicer; and
4) the alignment of interests between Proyectos Adamantine and investors,
given that Proyectos Adamantine is the residual holder in the three transactions.
In 2010, Patrimonio created a new company, Tertius,
to service third party portfolios. Currently, Patrimonio
and Tertius are managed under a single operating structure that allows
them to share management and organizational resources. The companies
have developed a subcontracting agreement that allows Tertius to service
mortgage loan portfolios on behalf of Patrimonio for which the latter
acts as substitute servicer. The portfolios Tertius manages consist
of loans originated by non-bank financial institutions (sofoles
/ sofomes) with funds from Sociedad Hipotecaria Federal.
Moody's opinion is based in part on information Proyectos Adamantine provided,
as well as the agency's expectations regarding the impact of a servicing
transfer on pool performance, mortgage collections, and the
trust's ability to make timely interest payments on the affected securities.
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 México. 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".
Structured Finance 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
Martin Fernandez Romero
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600
Moody's: No negative ratings impact on three Proyectos Adamantine Mexican RMBS of proposed servicing transfer
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
No Related Data.
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