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Rating Action:

Moody's Places The Ratings of Six Metrofinanciera Mortgage-Backed Transactions On Review For Possible Downgrade

 The document has been translated in other languages

07 Nov 2008
Moody's Places The Ratings of Six Metrofinanciera Mortgage-Backed Transactions On Review For Possible Downgrade

Mexico City, November 07, 2008 -- Moody's de Mexico (Moody's) has placed the ratings of six Metrofinanciera mortgage-backed securitizations on review for possible downgrade. The affected securitizations include METROCB 04U, METROCB 05U, MFCB 05U, METROCB 06U, MTROCB 07U, and MTROCB 08U.

Moody's rating action is primarily based on irregularities involving the servicing of the securitized pools, which include Metrofinanciera's delay in transferring collections to the trust, and inconsistencies found in collections reports prepared by Metrofinanciera. The rating action is also based on Moody's concerns with respect to Metrofinanciera's servicing and governance of its securitized transactions, and the downgrade of Metrofinanciera's issuer rating to B3 from B1 (Global Scale Local Currency Issuer Rating) and to Ba3.mx from Baa2.mx (National Scale Issuer Rating).

More specifically, today's rating action reflects Moody's concerns related to Metrofinanciera's performance as servicer of the securitized portfolios. For all the affected transactions, Metrofinanciera did not transfer collections to the trust accounts on a timely basis during the month of August 2008. Collections were transferred to the trust at the end of September 2008, past the date by which they should have been transferred to the trust (September 15). In addition, Metrofinanciera reported zero prepayments for the MTROCB 07U and MTROCB 08U transactions during the May 2008 collection period. This is highly unusual considering the average constant prepayment rate (CPR) of 5.9% for MTROCB 07U and 5.0% for MTROCB 08U and the fact that prepayments have been reported in both transactions in every month since closing with the exception of May 2008. Finally, for the MTROCB 07U and MTROCB 08U transactions, Metrofinanciera reported interest collections for the month of June 2008 that are approximately half the amount reported in previous months. In addition, servicer reports for the same deals in August 2008 show interest collections that are more than twice the average of previous months. Delinquent borrowers do not appear to account for the volatility in the reported interest collections given that the reported 30-day delinquencies for both transactions were relatively stable during this time period.

Further, Moody's notes that the downgrade of Metrofinanciera's issuer rating pressures the company's stability as a servicer of the securitized portfolios.

The rating action also reflects Moody's concerns related to the performance of MTROCB 07U and MTROCB 08U, both of which have displayed a sharp ramp-up of delinquencies greater than 90 days. These two transactions show 90+ day delinquency levels of 4.5% and 2.2%, respectively, as of September 2008, which are higher than most other mortgage-backed transaction from Metrofinanciera and are above the average from other comparable transactions in the Mexican market for the same seasoning.

Moody's ongoing review of these transactions will focus on the reported servicing irregularities, including the ability of the servicer to transfer collections to trust accounts on a timely manner and to provide accurate servicer reports. Additionally, Moody's will continue to review the performance of Metrofinanciera's mortgage-backed transactions.

The complete rating action is as follows:

Originator and Servicer: Metrofinanciera S.A. de C.V., Sociedad Financiera de Objeto Múltiple, Entidad No Regulada.

Issuer: Banco Invex, S.A., Institución de Banca Múltiple, Invex Grupo Financiero only in its capacity as trustee of the following securitization trusts:

-- METROCB 04U, ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale Rating) on review for possible downgrade.

-- METROCB 05U, ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale Rating) on review for possible downgrade.

-- METROCB 06U, ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale Rating) on review for possible downgrade.

Issuer: Banco JPMorgan, S.A. only in its capacity as trustee of the following securitization trust:

-- MFCB 05U, ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale Rating) on review for possible downgrade.

Issuer: Bank of America (México), S.A., Institución de Banca Múltiple, Grupo Financiero Bank of America, S.A. only in its capacity as trustee of the following securitization trusts:

-- MTROCB 07U, ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale Rating) on review for possible downgrade.

-- MTROCB 08U, ratings of Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale Rating) on review for possible downgrade.

New York
Susan Knapp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Mexico City
Alonso Sanchez
Analyst
Structured Finance Group
Moody's de Mexico S.A. de C.V
Telephone:+52-55-1253-5700

No Related Data.
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