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Rating Action:

Moody's downgrades 46 Mexican RMBS global scale ratings prompted by the downgrade of Mexico's government ratings; national scale ratings affirmed

 The document has been translated in other languages

23 Apr 2020

Mexico, April 23, 2020 -- Moody's de México S.A. de C.V. (Moody's) has downgraded the global scale ratings and affirmed the national scale ratings of 46 Mexican residential mortgage backed securitizations (RMBS) certificates. The rating action is prompted by Moody's downgrade of the government of Mexico's bond rating to Baa1 from A3 on April 17, 2020.

The complete rating action is as follows:

Issuer: FHIPO 16

FHIPO 16, Downgraded the Global Scale Rating to Baa1 (sf); previously on Aug 4, 2016 Assigned A3 (sf) (Global Scale Rating).

FHIPO 16, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Aug 4, 2016 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: FHIPO 17

FHIPO 17, Downgraded the Global Scale Rating to Baa1 (sf); previously on Jan 31, 2017 Assigned A3 (sf) (Global Scale Rating).

FHIPO 17, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Jan 31, 2017 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Fideicomiso Irrevocable de Administracion, Garantia y Fuente de Pago No. 3522

Fideicomiso Irrevocable de Administración, Garantía y Fuente de Pago No. 3522, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 26, 2018 Assigned A3 (sf) (Global Scale Rating).

Fideicomiso Irrevocable de Administración, Garantía y Fuente de Pago No. 3522, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 26, 2018 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: FOVISCB 17-2U

FOVISCB 17-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Nov 14, 2017 Assigned A3 (sf) (Global Scale Rating).

FOVISCB 17-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Nov 14, 2017 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: FOVISCB 18U

FOVISCB 18U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Mar 7, 2018 Assigned A3 (sf) (Global Scale Rating).

FOVISCB 18U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Mar 7, 2018 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: FOVISCB 19-2U

FOVISCB 19-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Nov 12, 2019 Assigned A3 (sf) (Global Scale Rating).

FOVISCB 19-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Nov 12, 2019 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: FOVISCB 19U

FOVISCB 19U Series A, Downgraded the Global Scale Rating to Baa1 (sf); previously on Aug 8, 2019 Assigned A3 (sf) (Global Scale Rating).

FOVISCB 19U Series A, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Aug 8, 2019 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVICB 13-3U

TFOVICB 13-3U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

TFOVICB 13-3U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 3, 2013 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVICB 15-2U

TFOVICB 15-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Aug 17, 2015 Assigned A3 (sf) (Global Scale Rating).

TFOVICB 15-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Aug 17, 2015 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVICB 15U

TFOVICB 15U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Apr 20, 2015 Assigned A3 (sf) (Global Scale Rating).

TFOVICB 15U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Apr 20, 2015 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVIE 12U

TFOVIE 12U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

TFOVIE 12U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 10, 2012 Confirmed at Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVIS 12-4U

TFOVIS 12-4U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

TFOVIS 12-4U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Oct 26, 2012 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVIS 12U

TFOVIS 12U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

TFOVIS 12U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 10, 2012 Confirmed at Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVIS 13-2U

TFOVIS 13-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

TFOVIS 13-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Oct 14, 2013 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVIS 14-2U

TFOVIS 14-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Sep 2, 2015 Upgraded to A3 (sf) (Global Scale Rating).

TFOVIS 14-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 2, 2015 Affirmed Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVIS 14-3U

TFOVIS 14-3U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Nov 28, 2014 Assigned A3 (sf) (Global Scale Rating).

TFOVIS 14-3U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Nov 28, 2014 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Fovissste - TFOVIS 14-U

TFOVIS 14U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Sep 2, 2015 Upgraded to A3 (sf) (Global Scale Rating).

TFOVIS 14U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 2, 2015 Affirmed Aaa.mx (sf) (National Scale Rating).

Issuer: Infohit 09U

INFOHIT 09U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

INFOHIT 09U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 30, 2009 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CDVITOT 11-3U

CDVITOT 11-3U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

CDVITOT 11-3U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CDVITOT 11U & 11-2U

CDVITOT 11U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

CDVITOT 11-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

CDVITOT 11U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

CDVITOT 11-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CDVITOT 12-2U

CDVITOT 12-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

CDVITOT 12-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CDVITOT 14U

CDVITOT 14U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

CDVITOT 14-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

CDVITOT 14U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

CDVITOT 14-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CEDEVIS 07-2U

CEDEVIS 07-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

CEDEVIS 07-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Jul 13, 2007 Assigned Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CEDEVIS 08-3U & CEDEVIS 08-4U

CEDEVIS 08-4U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Sep 2, 2015 Upgraded to A3 (sf) (Global Scale Rating).

CEDEVIS 08-4U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Jun 12, 2008 Assigned Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 2, 2015 Upgraded to Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CEDEVIS 08-5U & CEDEVIS 08-6U

CEDEVIS 08-6U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Sep 2, 2015 Upgraded to A3 (sf) (Global Scale Rating).

CEDEVIS 08-6U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 2, 2008 Assigned Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 2, 2015 Upgraded to Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CEDEVIS 08U & CEDEVIS 08-2U

CEDEVIS 08-2U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Sep 2, 2015 Upgraded to A3 (sf) (Global Scale Rating).

CEDEVIS 08-2U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Apr 11, 2008 Assigned Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 2, 2015 Upgraded to Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CEDEVIS 09-5U

CEDEVIS 09-5U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Sep 2, 2015 Upgraded to A3 (sf) (Global Scale Rating).

CEDEVIS 09-5U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Nov 24, 2009 Assigned Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 2, 2015 Upgraded to Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CEDEVIS 10-6U

CEDEVIS 10-6U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Sep 2, 2015 Upgraded to A3 (sf) (Global Scale Rating).

CEDEVIS 10-6U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Oct 19, 2010 Assigned Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 2, 2015 Upgraded to Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CEDEVIS 11U

CEDEVIS 11U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Sep 2, 2015 Upgraded to A3 (sf) (Global Scale Rating).

CEDEVIS 11U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Feb 24, 2011 Assigned Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Sep 2, 2015 Upgraded to Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CEDEVIS 12U

CEDEVIS 12U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

CEDEVIS 12U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - CEDEVIS 13-U

CEDEVIS 13U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

Constancia Preferente, Downgraded the Global Scale Rating to Baa1 (sf); previously on Dec 20, 2019 Confirmed at A3 (sf) (Global Scale Rating).

CEDEVIS 13U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Constancia Preferente, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 20, 2019 Confirmed at Aaa.mx (sf) (National Scale Rating).

Issuer: Infonavit - HITOTAL 10U Trust Notes

HITOTAL 10U, Downgraded the Global Scale Rating to Baa1 (sf); previously on Feb 12, 2014 Upgraded to A3 (sf) (Global Scale Rating).

HITOTAL 10U, Affirmed the National Scale Rating of Aaa.mx (sf); previously on Dec 13, 2010 Assigned Aaa.mx (sf) (National Scale Rating).

RATINGS RATIONALE

Today's action is driven by Moody's announcement on April 17, 2020 that it has downgraded Mexico's government bond ratings to Baa1 from A3. The key drivers behind the rating downgrade are: 1) Mexico's medium-term economic growth prospects have materially weakened, 2) the continued deterioration in Pemex's financial and operational standing is eroding the sovereign's fiscal strength, which is already pressured by slower revenue growth due to a weaker economy and 3) weakened policymaking and institutional capacity.

The weaker credit profile of the Mexican government negatively impacts residential mortgage-backed securitizations in this rating action, because the underlying mortgages are originated and serviced by Infonavit and Fovissste, which are government-related institutions that play a key role in the Mexican government's housing policies. The worsening in medium-term economic prospects of the Mexican economy has a negative impact on performance of the residential mortgage sector.

Our analysis has considered the increased uncertainty relating to the effect of the coronavirus outbreak on the Mexican economy as well as the effects that the announced government measures put in place to contain the virus, will have on the performance of consumer assets. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. It is a global health shock, which makes it extremely difficult to provide an economic assessment. The degree of uncertainty around our forecasts is unusually high.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors or circumstances that could lead to an upgrade of the ratings include: (1) performance of the underlying collateral that is better than Moody's expected; (2) deleveraging of the capital structure; (3) improvements in the credit quality of the transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the ratings include: (1) unsatisfactory data quality; (2) performance of the underlying collateral that is worse than Moody's expected; (3) an increase in sovereign risk; (4) deterioration in the notes' available credit enhancement; and (5) deterioration in the credit quality of the transaction counterparties.

RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in July 2019 and available at https://www.moodys.com/research/Moodys-Approach-to-Rating-RMBS-Using-the-MILAN-Framework--PBS_1179948. Alternatively, please see the Rating Methodologies page on www.moodys.com.mx for a copy of this methodology.

The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Please see "Moody's Approach to Rating RMBS Using the MILAN Framework" published in July 2019 for further information on Moody's analysis at the initial rating assignment and the on-going surveillance in RMBS. Please see the Rating Methodologies page on www.moodys.com.mx for a copy of this methodology.

The period of time covered in the financial information used to determine the listed deals' ratings is between August 31st, 2007 and March 30th, 2020 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

Moody's considered the servicer's practices and considers them adequate.

Moody's National Scale Credit 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 credit ratings in that they are not globally comparable with 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 ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1216309.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

In issuing and monitoring this rating, Moody's de México S.A. de C.V. considered the existence and extent of arrangements and mechanism, if any, to align the incentives of the originator, servicer, administrator and guarantor of the securities with those of its potential acquirers.

1) The expected level of enforceability of the transaction's structural mechanisms in light of the legal, regulatory, tax and sovereign risk environment is anticipated to prevail during the life of the transaction. Changes in legal, tax, regulatory, or sovereign risk environment can result in an increase or decrease in the level of enforceability of transaction structural mechanisms the level of default probabilities, or the level or timing of recoveries leading to rating volatility.

2) Performance behavior (generally as expressed by factors such as the default rate, prepayment rate, any concentration of the obligors and/or underlying assets, valuation of underlying assets, yield or otherwise derived from historical experience) and related dependency of the underlying exposures from key transaction counterparties or related guarantor are expected to remain reasonably stable over extended period of times and not expected to lead to rating volatility. However indicators of significant shifts in the above factors on a stand-alone basis or combined, which may not have been addressed by structural mitigants, could result in higher degree of rating volatility.

3) The expected realization value and time line of realization of the non-performing or otherwise disposed underlying assets is dependent on the credit cycle, whereas the realization value of the related guarantees is expected to remain stable . If timeline and / or realization value change dramatically from our assumptions, it may have some impact on the ratings.

4) The transaction's relevant parties' governance, ability and willingness to perform their obligations as contemplated in the transaction's documents are expected to remain relatively stable, and/or mitigated by the transaction's structure. Should the change in governance, ability and willingness to perform their obligation goes through changes not contemplated in the mitigating feature of the transaction structure, it may have some rating impact.

5) The assessment of the level of reliability, quality and integrity of the information provided by the relevant parties is expected to be satisfactory through the course of the transaction. Significant deviation from the appropriate level in reliability, quality and integrity of the information could cause some negative rating migration or, in a worst case scenario, could lead to rating withdrawal.

In issuing this credit rating, Moody's de México S.A. de C.V. did not rely on ratings issued by any other credit rating agency over this issuer/security or any underlying securities.

The analysis for Fovissste - TFOVIE 12U includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

In rating Infonavit - CEDEVIS 07-2U, Infonavit - CEDEVIS 08U & CEDEVIS 08-2U, Infonavit - CEDEVIS 08-3U & CEDEVIS 08-4U, Infonavit - CEDEVIS 08-5U & CEDEVIS 08-6U, Infohit 09U, Infonavit - CEDEVIS 09-5U, Infonavit - HITOTAL 10U Trust Notes, Infonavit - CEDEVIS 10-6U, Infonavit - CEDEVIS 11U, Infonavit - CDVITOT 11U & 11-2U, Infonavit - CDVITOT 11-3U, Infonavit - CEDEVIS 12U, Fovissste - TFOVIS 12U, Infonavit - CDVITOT 12-2U, Fovissste - TFOVIS 12-4U, Infonavit - CEDEVIS 13-U, Fovissste - TFOVIS 13-2U, Fovissste - TFOVICB 13-3U, Fovissste - TFOVIS 14-U, Fovissste - TFOVIS 14-2U, Infonavit - CDVITOT 14U, Fovissste - TFOVIS 14-3U, Fovissste - TFOVICB 15U, FHIPO 16, FHIPO 17, FOVISCB 17-2U, FOVISCB 18U, Fideicomiso Irrevocable de Administracion, Garantia y Fuente de Pago No. 3522, FOVISCB 19U, FOVISCB 19-2U, and Fovissste - TFOVICB 15-2U, Moody's used a cash flow model to model cash flow stress scenarios to determine the extent to which investors would receive timely payments of interest and principal in the stress scenarios, given the transaction structure and collateral composition.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's information.

The ratings have been disclosed to the rated entities prior to public dissemination.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

This credit rating is subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de México S.A. de C.V accepting any liability as a result.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see our website www.moodys.com.mx for further information.

Please see www.moodys.com.mx for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Please see the ratings tab on the issuer/entity page on www.moodys.com.mx for additional regulatory disclosures for each credit rating.

Rodrigo Granovsky
Analyst
Structured Finance Group
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: 1 888 779 5833
Client Service: 1 212 553 1653

Daniela Jayesuria
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
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: 1 888 779 5833
Client Service: 1 212 553 1653

No Related Data.
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