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Announcement:

Moody's: No negative ratings impact resulting from amendments to the legal documents of two Metrofinanciera Mexican construction loan securitizations

 The document has been translated in other languages

22 Mar 2010

Mexico City, March 22, 2010 -- Following a review of the credit impact of the February 2010 amendments to the legal documents for Metrofinanciera, S.A. de C.V.'s (Metrofinanciera's) METROCB 07 (Trust 590) and METROCB 07-3 (Trust 689) Mexican construction loan securitizations, Moody's de México (Moody's) stated that the amendments would not, as of this date, and in and of themselves, result in a change or withdrawal of the current ratings of the two Senior Certificates issued in conjunction with the affected securitizations. Moody's did not express an opinion as to whether the amendments could have other, non credit-related effects. Moody's opinion does not preclude the possible future withdrawal of the current ratings for any reason. Investors have approved the modifications to the transactions' legal documents and Metrofinanciera has requested that Moody's provide this opinion.

The affected Senior Certificates are rated C (Global Scale, Local Currency) and C.mx (Mexican National Scale). The last rating action occurred on December 12, 2008, when the certificates' global scale ratings were downgraded to C from Caa1 and their national scale ratings were downgraded to C.mx from Caa1.mx.

On November 6, 2009, Moody's also issued a press release titled "Moody's: No negative ratings impact resulting from amendments to the legal documents of seven Metrofinanciera Mexican construction loan securitizations" related to the original set of amendments approved by investors as of that date for the affected securities. In February 2010, investors approved additional amendments that prompted today's press release.

The February 2010 amendments include revisions to the priority of payments waterfall, a change in the promise to investors (from timely interest payment to ultimate interest payment by the legal final maturity date), the capitalization of accrued and unpaid interest on the certificates, and the automatic extension of the certificates' legal final maturity date in the event that the term of the trust's revolving line of credit from Sociedad Hipotecaria Federal (SHF) is extended from 24 months to the maximum of 48 months. Under the SHF line of credit, ongoing disbursements of undrawn and committed amounts available to developers under their construction loans will be made, thereby financing the remaining construction for yet to be selected and SHF-approved housing developments.

As noted in the November 6, 2009 press release, the transactions' original priority of payments was modified to reflect that SHF has a first-priority interest in certain cash flows received from construction loans that benefit from SHF financing. This feature remains unchanged following the February 2010 amendments.

The February 2010 amendments did, however, impact the payments waterfall associated with the cashflows for which investors have a first-priority interest. Prior to the February 2010 amendments, and following the November 2009 amendments, this waterfall contemplated that after covering fees and expenses, all available funds would be applied to amortize the Senior Certificates until paid in full. All other payments were subordinated, including principal payments on the Subordinated Certificates and any unpaid and "capitalized" interest due to the Senior and Subordinated Certificates. Following the February 2010 amendments, and to the extent funds are available after covering fees and expenses, the Senior Certificates will receive a partial prepayment equal to the amount of their accumulated unpaid and capitalized interest. Then, the Subordinated Certificates will receive a partial prepayment equal to the amount of their accumulated and unpaid capitalized interest. Next, all available funds will be applied as principal payments to the Senior Certificates until paid in full. Once the Senior Certificates are paid off, all funds will be applied as principal payments to the Subordinated Certificates until paid in full. Lastly, the Senior Certificates will be paid their accumulated and capitalized interest until paid in full, with the Subordinated Certificates' accumulated and capitalized interest payments following.

Moody's will continue to monitor the performance of the securitized loans and the extent to which SHF's financing may impact the level of expected recoveries on the securities. As of February 2010, 90+ day delinquencies, with respect to interest or principal payments, were 91% for METROCB 07 and 85% for METROCB 07-3 as a percent of their outstanding pool balances.

New York
Maria Muller
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Karen Ramallo
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's: No negative ratings impact resulting from amendments to the legal documents of two Metrofinanciera Mexican construction loan securitizations
No Related Data.
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