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Rating Action:

Moody's de Mexico assigns ratings to 10 funds of HSBC Mexico

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 for Mexico.

"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 plc.

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.

CNBV Homogenous:

AAA: Excellent

AA: High

A: Good

BBB: Acceptable

BB: Low

B: Minimal

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

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 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

Mexico City
Jose Angel Montano
Asst Vice President - Analyst
Structured Finance Group
Moody's de Mexico S.A. de C.V
Telephone:+52-55-1253-5700

New York
Martin Duffy
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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