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Rating Action:

Moody's assigns bond fund and market risk ratings to SELEC-1 managed by BBVA Bancomer Gestión

 The document has been translated in other languages

03 Dec 2010

Mexico, December 03, 2010 -- Moody's has assigned a bond fund credit rating of Baa and market risk rating of MR3 (moderate) to Fondo BBVA Bancomer Estrategia Selecta 1, S.A. de C.V. (SELEC-1); a fund managed by BBVA Bancomer Gestión, S.A. de C.V., Sociedad Operadora de Sociedades de Inversión.

In addition, Moody's de Mexico assigned to SELEC-1 national scale ratings of Aaa.mx and AAA on the Mexican authority, Comisión Nacional Bancaria y de Valores (CNBV) homogeneous scale. The agency also has assigned to the fund a market risk rating of 4 (moderate) under the CNBV homogeneous scale.

RATINGS RATIONALE

"SELEC-1 is a fund of funds which will exclusively invest in other fixed income funds managed by of BBVA Bancomer", said José Angel Montaño, Moody's analyst. SELEC-1 fund's investment objective is to diversify shareholders' investment in a single vehicle, which will invest in funds with short, medium and long term investment objectives. "These funds are minimum Moody's rated Baa2 and Aa2.mx in Mexican national scale", he added.

"As a consequence of the underlying funds' structure and composition, SELEC-1 will be highly exposed to Mexican government obligations and securities issued by the Mexican government agency the Instituto de Protección al Ahorro Bancario (IPAB). The Government of Mexico sovereign rating is Baa1 with stable outlook and the IPAB long-term global local currency rating is A2 with stable outlook", Montaño said.

SELEC-1 is a medium-term bond fund with a duration limit of three years. This fund of funds may be exposed to medium and long term maturity securities as well as obligations denominated in non-Mexican peso which may add additional volatility to the fund's Net Asset Values (NAVs). It is the agency's expectation that the fund may have a moderate sensitivity to movements in interest rates and other market conditions.

BBVA Bancomer Gestión, S.A. de C.V., Sociedad Operadora de Sociedades de Inversión, is one of the leading asset managers in Mexico. As of September 2010, the company had approximately US$20 billion in assets under management. The fund advisor is a wholly-owned subsidiary of Grupo Financiero BBVA Bancomer, S.A. de C.V.

The principal methodologies used in rating the fund were Moody's Managed Funds Credit Quality Ratings Methodology and Moody's Money Market and Bond Fund Market Risk Ratings, published in July 2004 and available on www.moodys.com.mx in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this fund can also be found in the Rating Methodologies sub-directory on Moody's website.

Moody's money market and bond fund ratings are opinions of the investment quality of shares in mutual funds and similar investment vehicles which principally invest in short- and long-term fixed-income obligations, respectively. As such, these ratings incorporate Moody's analysis of a fund's published investment objectives and policies, the creditworthiness of the assets held by the fund, as well as the management characteristics of the fund.

Moody's National Scale 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 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 ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings."

Moody's market risk ratings are opinions of the relative degree of volatility of a rated fund's net asset value (NAV). In forming an opinion on the fund's future price volatility, Moody's analysts consider risk elements that may have an effect on a fund's net asset value, such as interest rate risk, prepayment and extension risk, liquidity and concentration risks, currency risk, and derivatives risk. The ratings are not intended to consider prospective performance of a fund with respect to price appreciation or yield.

Moody's Mexican National Scale Fund Credit Ratings:

Aaa.mx: strongest quality relative to other domestic issuers

Aa.mx: high quality relative to other domestic issuers

A.mx: above-average quality relative to other domestic issuers

Baa.mx: average quality relative to other domestic issuers

Ba.mx: below-average quality relative to other domestic issuers

B.mx: weak quality relative to other domestic issuers.

CNBV Homogenous:

AAA: Excellent

AA: High

A: Good

BBB: Acceptable

BB: Low

B: Minimal

Moody's national scale fund ratings reflect Moody's assessment of portfolio credit quality within the context of the Mexican fixed-income market and are not comparable to its global credit rating scale.

Moody's Market Risk Rating Scale:

MR1: Very Low

MR2: Low

MR3: Moderate

MR4: High

MR5: Very High

Homogeneous Fund Volatility Rating Scale - CNBV

1 Extremely low sensitivity to changes in market conditions

2 Low sensitivity to changes in market conditions

3 Between low and moderate sensitivity to changes in market conditions

4 Moderate sensitivity to changes in market conditions

5 Between moderate and high sensitivity to changes in market conditions

6 High sensitivity to changes in market conditions

7 Very high sensitivity to changes in market conditions

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, confidential and proprietary Moody's Analytics' information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Mexico
Jose Angel Montano
Asst Vice President - Analyst
Global Managed Investments Group
Moody's de Mexico S.A. de C.V
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

New York
Daniel Serrao
Senior Vice President
Global Managed Investments Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's assigns bond fund and market risk ratings to SELEC-1 managed by BBVA Bancomer Gestión
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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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