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Announcement:

Moody's Publishes a Report of the Upgrade of Enhanced Loans in Mexico following the Update of the Rating Methodology

 The document has been translated in other languages

28 Jul 2014

Mexico, July 28, 2014 -- Moody's has published a special report detailing the impact of enhanced loans ratings following the Update of the Credit Rating Methodology for Enhanced Municipal and State Loans in Mexico. Major results highlighted in the report are the following:

• 95% of a total of 120 debt ratings were upgraded, of which 67% by one notch.

• 92% of Moody´s rated enhanced loans are now investment grade, up from 65% previously.

• On average, Moody´s rated enhanced loans receive three notches of uplift from their respective issuer ratings.

Moody's has rated over 200 of these structures over the past 14 years. "This update of our methodology and ensuing rating actions reflect the very strong performance that enhanced loans have shown over time" says María del Carmen Martínez-Richa, Moody´s Assistant Vice-President and author of the report.

The report also details the rating factors that would drive ratings including: modifications to the legal structure of the loans, rating actions on the underlying issuers or deviations from Moody´s projected debt service coverage. "We periodically run cash flow analyses of rated enhanced loans to estimate future debt service coverage (DSC) ratios provided by the structure. Going forward, if DSC ratios increase to higher or lower thresholds as stated in the scorecard, the loans would very likely be upgraded or downgraded", added Martínez-Richa.

The report can be accessed via this link: https://www.moodys.com/research/PBC_173499

The updated Methodology for Enhanced Municipal and State Loans in Mexico (https://www.moodys.com/research/PBC_172119) and the press release of affected debt ratings (https://www.moodys.com/research/PR_301737) are available at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Maria del Carmen Martinez-Richa
Asst Vice President - Analyst
Sub-Sovereign 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

David M Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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 Publishes a Report of the Upgrade of Enhanced Loans in Mexico following the Update of the Rating Methodology
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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