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01 Apr 2008
Moody's de Mexico assigns ratings to 10 funds of HSBC Mexico
New York, April 01, 2008 -- Moody's Investors Service has assigned credit and market risk ratings
to 10 fixed-income funds managed by HSBC Operadora de Fondos,
S.A. de C.V., a large asset manager
of Mexican mutual funds. HSBC Operadora de Fondos is the asset
management unit of Grupo Financiero HSBC, which is a subsidiary
of HSBC Holdings plc. The ratings incorporate Moody's assessment
of each fund's credit quality as well as market sensitivity.
"HSBC Mexico provides a conservative set of mutual funds designed
for retail and institutional investors", said Moody's
analyst José Angel Montaño. The agency assigned to
each fund an investment grade rating expressed according to its global
credit rating scale and a rating calibrated on a national scale basis
"The ratings are supported by HSBC Mexico conservative investment
parameters and robust internal risk control framework," said
Montaño. The fund manager's risk management activities
and compliance functions are integrated with the investment process,"
he said. These include broad based efforts to harmonize practices
of the Operadora with global practices and procedures of HSBC Holdings
In light of the broad spectrum of investment objectives and discrete portfolio
guidelines, each fund represents a unique product offering designed
for specific risk/reward profile of retail and institutional investors.
The HSBC family of funds is segmented mainly on credit quality and duration
variables, which are linked to the ratings.
In addition, Moody's has assigned an opinion about each fund's
net asset value sensitivity to changes in market conditions.
Moody's has translated its national scale ratings into a homogeneous
scale set up by the Mexican securities regulatory body, Comisión
Nacional Bancaria y de Valores (CNBV). The national scale ratings
are opinions of the relative credit quality of issuers in a particular
country and may be used in specific local capital markets. Furthermore,
the credit agency assigned a market risk rating to each fund based on
the CNBV scale.
Moody's mutual fund credit ratings are opinions about the investment
quality of shares in the funds that invest principally in short-
and long-term fixed-income obligations. The ratings
incorporate Moody's assessment of the fund's published investment
objectives and policies, the creditworthiness of the assets held
by the fund, and management characteristics.
"In forming an opinion of a fund's price volatility,
we consider risk elements that may have an effect on a fund's net
asset value, including interest rate risk, prepayment and
extension risk, liquidity and concentration risk, currency
and derivatives risk," Montaño said. "The
ratings are not intended to consider prospective performance of a fund
with respect to price, appreciation, or yield."
HSBC Operadora de Fondos, is the fifth largest mutual funds administrator
in Mexico with more than US$4.3 billions of assets under
management. Currently, HSBC Mexico offers a group of 15 mutual
funds, of which 10 are fixed income funds.
Bellow is the list of the assigned fund ratings:
Fund Ticker; Fund name; Moody's Global Local Currency
Rating; Moody's National Scale Credit Rating / Market Risk;
CNBV Credit / Market Risk.
HSBC-D2; HSBC-D2, S.A. de C.V.;
A; Aaa.mx / MR1; AAA/1
HSBCEMP; HSBC-D9, S.A. de C.V.;
A; Aaa.mx / MR1; AAA/1
HSBCGOB; HSBCD10, S.A. de C.V.;
A; Aaa.mx / MR1; AAA/1
HSBCDOL; HSBC-DL, S.A. de C.V.;
Baa; Aa.mx / MR4; AA/5
HSBCSEM; HSBC-DA, S.A. de C.V.;
Baa; Aa.mx / MR2; AA/2
HSBCQUI; HSBC-DE, S.A. de C.V.;
Baa; Aa.mx / MR2; AA/3
HSBCMEN; HSBC-DG, S.A. de C.V.;
Baa; Aa.mx / MR3; AA/4
HSBCAHO; HSBC-D7, S.A. de C.V.;
Baa; Aaa.mx / MR3; AAA/4
HSBC-DH; HSBC-DH, S.A. de C.V.;
Baa; Aaa.mx / MR3; AAA/3
HSBCCOR; HSBC-D1, S.A. de C.V.;
Baa; Aa.mx / MR3; AA/4
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
Structured Finance Group
Moody's de Mexico S.A. de C.V
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2020 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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