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Global Credit Research - 12 Jul 2010
Mexico City, July 12, 2010 -- Moody's has assigned a bond fund credit rating of Baa and market
risk rating of MR4 (high) to Fondo BBVA Bancomer Deuda, S.A.
de C.V., Sociedad de Inversión en Instrumentos
de Deuda (DIVER-D) 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 Aa.mx
and AA on the Mexican authority, Comisión Nacional Bancaria
y de Valores (CNBV) homogeneous scale. The agency also assigned
a market risk rating of 5 (between high and moderate) under the CNBV homogeneous
"DIVER-D is a fixed income fund of funds which will invest
exclusively in four existing fixed income funds managed by BBVA Bancomer
Gestión" said José Angel Montaño, Moody's
analyst. The fund advisor has the intention of achieving a balanced
fixed income return through investments in funds with short, medium
and long term investment objectives, he said. The rating
of the fund expresses Moody's expectations that the fund will maintain
this investment strategy in the future.
"DIVER-D's high exposure to interest rate risk resulting
from its expected investment in medium and long term securities.
The fund has a duration limit of 650 days, which may add high volatility
to the fund and is the driving factor to its market risk rating of MR4"
BBVA Bancomer Gestión, S.A. de C.V.,
Sociedad Operadora de Sociedades de Inversión, is the leading
asset manager in Mexico. As of May 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
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
The principal methodologies used in rating DIVER-D fund were Moody's
Managed Funds Credit Quality Ratings Methodology, published in June
2004, and Moody's Money Market and Bond Fund Market Risk Ratings
Methodology, published in June 2004, which can be found at
www.moodys.com 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 DIVER-D
fund 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
Baa.mx: average quality relative to other domestic issuers
Ba.mx: below-average quality relative to other domestic
B.mx: weak quality relative to other domestic issuers.
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
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
Jose Angel Montano
Asst Vice President - Analyst
Global Managed Investments Group
Moody's de Mexico S.A. de C.V
Senior Vice President
Global Managed Investments Group
Moody's Investors Service
Moody's assigns bond fund rating to DIVER-D managed by BBVA Bancomer GestiÃ³n
No Related Data.
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