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Announcement:

Moody's assign bond fund ratings to fifteen funds managed by Sura Investment Management México

 The document has been translated in other languages

27 Dec 2018

Mexico, December 27, 2018 -- Moody's de Mexico (Moody's) has assigned bond fund ratings to fifteen funds managed by Sura Investment Management México, S.A. de C.V., Sociedad Operadora de Fondos de Inversión (SIMM). Moody's assigned local currency bond funds global scale (GS) and national scale (NS) ratings, also assigned Market Risk Assessment (MRA) to 5 bond funds highly concentrated in Mexican government securities; 8 bond funds with a combined strategy of Mexican government securities, corporates and banks; 2 bond funds which are invested in other bond funds.

RATINGS RATIONALE

Moody's said that the A-bf (GS)/Aaa-bf.mx (NS) assigned to the 5 bond funds which are highly concentrated in Mexican government securities (A3 stable), reflect the high credit quality of its portfolios. Moody's expects that fund's weighted average life (WAL) will remain below 3 years and will consist of only highly liquid securities. Therefore, Moody's considers that the fund's Market Risk Assessment (MRA) sensitivity to market conditions will span from very low to moderate. The ratings are the following:

- Sura Fondeo, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (FONDEO): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA1 (very low).

- Sura 2, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SURCETE): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA1 (very low).

- Sura Gubernamental, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SURGOB): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA2 (low).

- Sura Deuda Corto Plazo, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SURA90): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA2 (low).

- Sura Diversificado, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SUR-DV): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA4 (moderate).

The ratings assigned to 8 bond funds with a combined strategy of government, corporates and banking securities reflect its concentration in investment grade credit quality securities and their exposure to long-term maturities. The funds' portfolio WAL in this group has a broad range between 1 to 8 years. In addition, the fund's MRA reflect the historical performance of net asset values in some cases influenced by inflation indexed securities, resulting in a range from low to high. The ratings for this group are the following:

- Sura 1, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SUR1): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA2 (low).

- Sura 30, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SUR30): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA4 (moderate).

- Sura Udizado, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SURUDI): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA4 (moderate).

- Sura Bono, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SURBONO): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA5 (moderate).

- Sura 1E, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SUR1E): Baa-bf (GS), Aa-bf.mx (NS) (AA under the homogeneous scale), MRA2 (low).

- Sura Corporativo, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SURCORP): Baa-bf (GS), Aa-bf.mx (NS) (AA under the homogeneous scale), MRA4 (moderate).

- Sura 30E, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SUR30E): Baa-bf (GS), Aa-bf.mx (NS) (AA under the homogeneous scale), MRA4 (moderate).

- Sura Real, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (SURREAL): Baa-bf (GS), Aa-bf.mx (NS) (AA under the homogeneous scale), MRA6 (high).

The rationale for the remaining 2 funds which are invested in other bond funds, is based in our analysis of its portfolios on a disaggregated basis and its concentration in high asset quality securities. Also the funds' portfolio WAL calculated on the disaggregated portfolios span from 3 to 5 years. While this funds invest in dollar indexed bond funds and inflation indexed funds, the portfolios allocation in each invested fund mitigate the net asset value (NAV) sensitivity. Then the MRA for these funds is moderate. The ratings are the following:

- Sura Soluciones 1, S.A. de C.V., Fondo de Inversión en Instrumentos de Deuda (RETIRO): A-bf (GS), Aaa-bf.mx (NS) (AAA under the homogeneous scale), MRA4 (moderate).

- Fondo Cien por Ciento Deuda, S.A. de C.V. Fondo de Inversión en Instrumentos de Deuda (SURCON): Baa-bf (GS), Aa-bf.mx (NS) (AA under the homogeneous scale), MRA4 (moderate).

Our analysis was performed on the portfolios provided by SIMM. We expect the funds to be managed in line with the investment strategy; however, if the fund's invested portfolio deviates materially from their investment strategy, our ratings would likely change.

SIMM, a wholly-owned subsidiary of Grupo SURA, one of the leading asset managers in Latin America. As of September 2018, SIMM had approximately MXN48 billion in Assets under Management (AUM).

The methodologies used in these ratings were Moody's Bond Fund Rating Methodology published in May 2013 and Mexican Market Risk Assessments published in December 2015. Please see the Rating Methodologies page on www.moodys.com.mx for a copy of these methodologies.

The sources and items of information used to determine the ratings of the funds FONDEO, SURCETE, SURGOB, SURA90, SUR-DV, SUR1, SUR1E, SUR30, SUR30E, SURBONO, SURCORP, SURREAL, SURUDI, RETIRO, SURCON, include the funds' portfolios as of November 2018 (source: SIMM).

Moody's National Scale Credit 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 credit 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 ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1113601.

Please see www.moodys.com.mx for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

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.

Francisco Uriostegui
Analyst
Financial Institutions 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: 1 888 779 5833
Client Service: 1 212 553 1653

Marc R. Pinto, CFA
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

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: 1 888 779 5833
Client Service: 1 212 553 1653

No Related Data.
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