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Announcement:

Moody's Upgrades HSBC México's Trustee Quality and Common Representative Quality Ratings to TQ1-.mx and CRQ1-.mx

 The document has been translated in other languages

28 May 2010

Mexico City, May 28, 2010 -- Moody's Investors Service has upgraded HSBC México, S.A., Institución de Banca Múltiple, Trust Division (HSBC México)'s trustee quality (TQ) rating to TQ1-.mx from TQ2+.mx and its common representative quality (CRQ) rating to CRQ1-.mx from CRQ2+.mx.

The upgrades of both the trustee and common representative quality ratings were prompted by an improvement in HSBC Mexico's overall operational stability including the implementation of stringent quality controls as well as successful completion of various positive changes in the administrative areas, such as the strengthening of the specialized Middle Office, a bolstered back office operation and the completion of various integration projects, such as the legacy portfolio.

The trustee quality ratings of HSBC Mexico are based on the bank's strong capability to manage entrusted assets for the benefit of a securitization's trust certificate holders. The common representative quality (CRQ) rating of CRQ1-.mx is based on HSBC México's strong ability to represent interests of the trust certificate holders. The "-" modifier indicates HSBC México ranks in the lower end of the designated rating category. Further, the modifier ".mx" indicates that the TQ and CRQ ratings are Mexican national scale ratings; therefore, it can only be compared to other TQ ratings within Mexico

HSBC México's TQ1-.mx (TQ1 minus) and CRQ1-.mx (CRQ1 minus) ratings, are based primarily on the following:

• A sound organizational structure and business strategy and an experienced senior management team.

• Above average + (above average plus) ability to perform its role as trustee in securitized transactions based on its satisfactory capability to manage cash flows; its clear role in the monitoring and reporting of structured finance transactions; and the procedures put in place for verifying payment instructions independently.

• Above average + (above average plus) ability to perform its role as common representative based on its clearly defined role in the authorization of the debt issuance on behalf of investors, the implemented process for verification of approvals related to the debt issuance and of the existence of the securitized assets and the adequate reporting capabilities to interested parties and supervision of compliance with the terms and conditions of the issuance

• Above Average + (above average plus) operational stability based on the presence of clear origination, oversight and control procedures, and its adequate computer systems.

• Strong financial stability in comparison to its peers as indicated by its A2/Aaa.mx local currency deposits ratings and a C- bank financial strength rating.

HSBC México is a financial institution headquartered in México City that provides trustee and common representative services for structured finance transactions among other services. HSBC México accounts for around 10.5% of the system's deposits, is the fifth largest bank in México, with approximately US$53 billion in total assets as of December 2009. HSBC México's holding company is Grupo Financiero HSBC, S.A. de C.V. (GF HSBC). HSBC Holdings plc (headquartered in London) is the ultimate parent of HSBC's Mexican operations.

MOODY'S RATINGS

Trustee Quality (TQ) ratings represent Moody's assessment of a trustee's ability to manage a structured finance deal's assets for the benefit of investors. On the other hand, Common Representative Quality (CRQ) ratings are opinions regarding an organization's ability to represent the interests of investors. Moody's TQ and CRQ ratings incorporate mostly qualitative assessments of a trustee's or common representative's operations and financial stability.

Where appropriate, a "+" or "-" modifier will be appended to the TQ2, TQ3, TQ4 , CRQ2, CRQ3 and CRQ4 rating categories and a "-" modifier will be appended to the TQ1 or CRQ1 rating categories (e.g. TQ1-.nn). A "+" modifier indicates the trustee ranks in the higher end of the designated rating category. A "-" modifier indicates the trustee ranks in the lower end of the designated rating category.

Moody's TQ and CRQ ratings differ from traditional debt ratings, which are opinions as to the expected loss associated with a specific debt instrument. TQ and CRQ ratings do not evaluate a trustee's or common representative's ability to repay its debt obligations but rather its ability to manage the assets it holds in trust, and fulfill its obligations under the terms of the transaction documents.

The principal methodologies used in these ratings are "Introducing Moody´s Trustee Quality Ratings for Latin America" (April 2006), "Moody's Approach to Assigning Structured Finance Common Representative Quality Ratings" (December 2007) and "Trustee Quality Ratings Methodology" (August 2009), which can be found at www.moodys.com.

More details about this rating will be published in the upcoming Trustee Quality Report and Common Representative Quality Report, which will be available in Moody's website, www.moodys.com.

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

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

Moody's Upgrades HSBC México's Trustee Quality and Common Representative Quality Ratings to TQ1-.mx and CRQ1-.mx
No Related Data.
© 2018 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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