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29 May 2009
New York, May 29, 2009 -- Moody's de México has assigned Baa and Aaa.mx bond
fund ratings to Fondo Deuda LP 1, S.A. de C.V.
(DLP-1), managed by BBVA Bancomer Gestión, S.A.
de C.V., Sociedad Operadora de Sociedades de Inversión.
The agency also has assigned to the fund a AAA rating on the homogeneous
scale of the Mexican regulator Comisión Nacional Bancaria y de
"The credit ratings reflect Moody's expectation that the fund
will invest exclusively in investment grade Mexican government obligations",
says José Angel Montaño, AVP Analyst and lead analyst
for the fund. Given the fund's guidelines, Moody's
expects the credit quality of the fund's portfolio to continue to
be consistent with its rating category over time. The agency also
anticipates that the composition of the fund will resemble that of the
MEX_Gubernamental index, which consists of Mexican government securities.
Moody's has also assigned to DLP-1 a market risk rating of
MR5, which incorporates Moody's expectation that the fund's
net asset value (NAV) will have a "very high" sensitivity
to changes in interest rates and market conditions. The agency
has also assigned the fund a market risk rating of 7 ("very high"),
under the CNBV homogeneous scale. Although Moody's expects
the fund to be benchmarked against the MEX_Gubernamental index,
which has a weighted average life of six years and a duration of approximately
3.6 years, which would be consistent with lower sensitivity
to interest rate changes and other market movements, the investment
adviser has not imposed any restrictions on the fund's duration,
leading the possibility that it may be greater then that of its benchmark
and the volatility of the fund's NAV materially higher as a result.
BBVA Bancomer Gestión, S.A. de C.V.,
Sociedad Operadora de Sociedades de Inversión, is the leading
asset management company in the Mexican funds industry. As of April
2009, the firm managed more than $13.4 billion in
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 are opinions of the relative creditworthiness
of issuers in a particular country and may be only used in specific local
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
The principal methodologies used in rating the fund were Moody's Managed
Funds Credit Quality Ratings Methodology (June 2004) and Moody's
Money Market and Bond Fund Market Risk Ratings (June 2004), which
can be found at www.moodys.com in the Credit Policy &
Methodologies directory, in the Ratings Methodologies subdirectory.
Other methodologies and factors that may have been considered in the process
of rating the fund can also be found in the Credit Policy & Methodologies
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.
Moody's domestic 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 to moderate sensitivity to changes in market conditions
4 Moderate sensitivity to changes in market conditions
5 Between moderate to 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
Moody's assigns first time fund ratings to DLP-1 of BBVA Bancomer
Senior Vice President
Financial Institutions Group
Moody's Investors Service
No Related Data.
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