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Announcement:

Moody's confirms the ratings of six Mexican RMBS from Metrofinanciera

 The document has been translated in other languages

02 Feb 2011

Mexico, February 02, 2011 -- Moody's de México (Moody's) has confirmed the ratings of six Mexican RMBS issued by Metrofinanciera, S.A.P.I. de C.V., Sociedad Financiera de Objeto Múltiple, Entidad No Regulada (Metrofinanciera). The affected securitizations include METROCB 04U, METROCB 05U, MFCB 05U, METROCB 06U, MTROCB 07U and MTROCB 08U. This rating action concludes the review for possible downgrade that was initiated on November 28, 2008.

Originator and Servicer: Metrofinanciera S.A.P.I. de C.V., Sociedad Financiera de Objeto Múltiple, Entidad No Regulada.

Issuer: Banco Invex, S.A., Institución de Banca Múltiple, Invex Grupo Financiero only in its capacity as trustee of the following securitization trusts:

-- METROCB 04U, ratings of Ba2 (sf) (Global Scale, Local Currency) and A2.mx (sf) (National Scale Rating) confirmed.

-- METROCB 05U, ratings of Ba2 (sf) (Global Scale, Local Currency) and A2.mx (sf) (National Scale Rating) confirmed.

-- METROCB 06U, ratings of Ba2 (sf) (Global Scale, Local Currency) and A2.mx (sf) (National Scale Rating) confirmed.

Issuer: Bank of New York, S.A. only in its capacity as trustee of the following securitization trust:

-- MFCB 05U, ratings of Ba2 (sf) (Global Scale, Local Currency) and A2.mx (sf) (National Scale Rating) confirmed.

Issuer: Bank of America (México), S.A., Institución de Banca Múltiple, Grupo Financiero Bank of America, S.A. only in its capacity as trustee of the following securitization trusts:

-- MTROCB 07U, ratings of Ba2 (sf) (Global Scale, Local Currency) and A2.mx (sf) (National Scale Rating) confirmed.

-- MTROCB 08U, ratings of Ba2 (sf) (Global Scale, Local Currency) and A2.mx (sf) (National Scale Rating) confirmed.

RATINGS RATIONALE

Today's rating action is based on (i) the expected performance of the transactions' underlying collateral and available credit enhancement, and (ii) the fact that Metrofinanciera's bankruptcy procedure, which ended in June 2010, did not have a material impact on the transactions' performance. In November 2010, Metrofinanciera announced that on October 28, 2010, a shareholders' meeting approved: (i) the new members of the board, (ii) the new Chief Executive Officer, and (iii) the fact that the board will designate on an annual basis the members of the Audit Committee, the Corporate Practice, Nominations and Remunerations Committee, the Credit Committee, and the Finance and Risk Committee. Metrofinanciera has now emerged from bankruptcy and completed its corporate reorganization.

Moody's will continue to monitor performance of these transactions, in particular the real estate owned (REO) pipeline which, as of December 2010, was approximately 2.5%-3% of the original pool balance in the worse performing transactions. As of the same date, delinquencies greater than 90 days, including REOs, as a percentage of the original pool balance were as follows: METROCB 04U 3.6%, METROCB 05U 4.8%, MFCB 05U 8.8%, METROCB 06U 13.5%, MTROCB 07U 22.9%, and MTROCB 08U 19.1%.

Based on historical performance information of these transactions, Moody's expects lifetime cumulative gross defaults as a percentage of the original pools to be in the 5%-15% range for the transactions closed in 2004 and 2005 and in the 20%-37% range for the rest of the transactions. After estimating projected lifetime gross default rates as a percent of the current pool balances including REOs, Moody's determined the pool expected losses by applying a severity of loss assumption on the projected defaulted loan balance (assumed severities range between 44-47% across the transactions). Moody's updated expected net loss projections as a percentage of the current pool balance are of 6% for METROCB 04U, 7% for METROCB 05U, 12% for MFCB 05U, 15% for METROCB 06U, 23% for MTROCB 07U, and 21% for MTROCB 08U.

Moody's notes that in recent months, collections in the METROCB 06U transaction have not been sufficient to amortize the certificates in order to reach the target overcollateralization level. However, this does not constitute an event of default and interest payments have been made on a timely basis. For this transaction Moody's expects lifetime cumulative gross defaults to be around 20% of the original pool balance and net losses to be at approximately 15% of the current pool balance.

Moody's will continue to monitor performance of the transactions and will evaluate the impact of Metrofinanciera's new management team on the servicer's ability to maintain performance these transactions.

The primary sources of assumption uncertainty are related to the macroeconomic environment, the timing of recovery of the Mexican economy and labor market, and the severity of loss assumption given the limited market data related to historical recoveries for REOs.

The principal methodology used in these ratings was "Moody's Approach to Monitoring Residential Mortgage-Backed Securitizations in Mexico" published August, 2009.

Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

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 to 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 August 2010 "Mapping Moody's National Scale Ratings to Global Scale Ratings."

Mexico
Alonso Sanchez
Asst Vice President - Analyst
Structured Finance Group
Moody's de Mexico S.A. de C.V
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

New York
Maria Muller
Senior Vice President
Structured Finance 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
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Moody's confirms the ratings of six Mexican RMBS from Metrofinanciera
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.

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