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Rating Action:

Moody's assigns bond fund rating to B+UMS managed by BBVA Bancomer Gestión

 The document has been translated in other languages

15 Jun 2010

Mexico City, June 15, 2010 -- Moody's has assigned a bond fund credit rating of Baa and market risk rating of MR5 (very high) to Fondo BBVA Bancomer Deuda LP 2, S.A. de C.V., Sociedad de Inversión en Instrumentos de Deuda ("B+UMS"), managed by BBVA Bancomer Gestión, S.A. de C.V., Sociedad Operadora de Sociedades de Inversión. In addition, Moody's de México has assigned to the fund national scale rating of Aaa.mx and AAA on the Mexican authority, Comisión Nacional Bancaria y de Valores (CNBV) homogeneous scale. The agency also assigned a market risk rating of 7 (very high) under the CNBV homogeneous scale.

"B+UMS is going to be a specialized fund which will invest a minimum of 80% in UMS (United Mexican States) bonds issued by the government of Mexico mainly denominated in USD and issued in the international markets", said José Angel Montaño, Moody's analyst. Government of Mexico bond rating is Baa1 with stable outlook. The fund will complement its investment strategy with sight deposits denominated in USD in high credit quality Mexican financial institutions and with overnight repurchase agreements, fully collateralized with Mexican government securities. "The fund's Baa rating reflects Moody's expectation that the fund will maintain this investment strategy in the future", he said.

"The fund's MR5 market risk rating denotes the agency expectation that the fund will be exposed to medium to long term interest rate movements as well as the volatility of the parity of the Mexican peso per USD", Montaño added. Moody's understands that the fund's duration may extend to ten years which may result in high exposure to changes in market conditions.

BBVA Bancomer Gestión, S.A. de C.V., Sociedad Operadora de Sociedades de Inversión, is the leading asset manager in Mexico. As of March 2010, the company had approximately US$16 billion in assets under management. The fund advisor is a wholly-owned subsidiary of Grupo Financiero BBVA Bancomer, S.A. de C.V.

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.

The national scale ratings are opinions of the relative creditworthiness of issuers in a particular country and may be used in specific local capital markets.

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.

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 these funds can also be found in the Rating Methodologies sub-directory on Moody's website.

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

Mexico City
Jose Angel Montano
Asst Vice President - Analyst
Global Managed Investments Group
Moody's de Mexico S.A. de C.V
Telephone:+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 assigns bond fund rating to B+UMS managed by BBVA Bancomer Gestión
No Related Data.
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