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11 Jun 2010
Mexico City, June 11, 2010 -- Moody's de México (Moody's) has downgraded Hipotecaria Crédito
y Casa, S.A. de C.V., Sociedad
Financiera de Objeto Limitado's (Crédito y Casa's) CREYCB 08 Certificates's
to Baa1.mx from A1.mx (National Scale). At the same
time, Moody's Investors Service downgraded the certificates'
Global Scale, Local Currency rating to B1 from Ba2. The last
rating action occurred on January 5, 2010 when the CREYCB 08 Certificates
were downgraded to A1.mx from Aa3.mx (National Scale) and
to Ba2 from Baa3 (Global Scale, Local Currency).
Today's rating action was primarily based on the increased probability
of a technical default with respect to principal payments on the certificates'
legal final maturity date in November 2010. However, the
rating action also reflects that the CREYCB 08 Certificates are very unlikely
to suffer meaningful losses.
The rating action was triggered by a combination of the decline in portfolio
collections in April 2010 and recent investor-driven changes related
to the disbursements reserve account. The rating actions also consider
the change in the certificates' legal final maturity date (to November
22, 2010 from June 4, 2012).
While monthly principal collections have averaged approximately MXN$16
million over the past six months, principal collections declined
to approximately MXN$7.0 million in April 2010, the
lowest monthly level observed since the closing date. If principal
collections continue at this pace through November 2010, collection
amounts by themselves will likely be insufficient to pay down the certificates
by the final maturity date.
The transaction currently has a reserve account funded with MXN$110.0
million (compared to MXN$156.2 million in outstanding certificates).
However, funds set aside in this reserve account were earmarked
by investors to make future disbursements under the securitized construction
loans' lines of credit. As a result, and as confirmed
by the trustee, any funds set aside in the reserve account would
not be immediately available to amortize the certificates should they
have an outstanding balance as of the revised legal final maturity date
of November 22, 2010.
The transaction also benefits from a partial credit guarantee (PCG) provided
by Sociedad Hipotecaria Federal that covers interest or principal shortfalls
up to an amount of MXN$72 million, or 46% of the outstanding
certificate balance. However, it is uncertain whether the
trust will have immediate access to the PCG funds by the legal final maturity
date of November 22, 2010 if the trust's reserve account has
liquid funds that are not applied to amortize the certificates.
As mentioned above, the legal final maturity of the certificates
has changed since closing. Although the trustee continues to report
June 4, 2012 as the legal final maturity date in its monthly trustee
reports, the transaction's legal documents state that the
original legal final maturity date of June 4, 2012 would be revised
to a date that is 560 days (or a period equal to 20 months of 28 days)
following the date that an early amortization event is declared.
Since an early amortization event was declared on June 9, 2009,
Moody's downgrade reflects the revised legal final maturity date
of November 22, 2010.
Moody's notes that the certificates may experience a technical default
with respect to principal by the final maturity date. However,
Moody's downgrade to B1/Baa1.mx also reflects that the certificates
are very likely to ultimately recover 100% of their outstanding
balance and accrued interest payments, based on the certificate
balance of MXN$156.2 million, and the sources available
to ultimately amortize the certificates (including the reserve account
funds of MXN$110.0 million, the PCG of up to MXN$72
million, and the outstanding pool balance of MXN$114.3
The principal methodology used in these rating actions is "Moody's Approach
to Rating Low-Income Residential Construction Loan Securitizations
in Mexico" (August 24, 2009), which can be found at www.moodys.com.mx
and 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 providing this opinion can also be found on this page. In addition,
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/SFQuick Check.
The complete rating action is as follows:
Originator and Servicer: Hipotecaria Crédito y Casa,
S.A. de C.V., Sociedad Financiera de
Issuer: Banco Invex, S.A., Institución
de Banca Múltiple, Invex Grupo Financiero, acting solely
in its capacity as trustee.
-- CREYCB 08 Certificates, downgraded to Baa1.mx
from A1.mx (National Scale) and to B1 from Ba2 (Global Scale,
Local Currency). The last rating action occurred on January 5,
2010 when the certificates were downgraded to A1.mx from Aa3.mx
and to Ba2 from Baa3.
Senior Vice President
Structured Finance Group
Moody's Investors Service
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
Moody's downgrades Crédito y Casa's CREYCB 08 Mexican construction loan securitization to Baa1.mx
No Related Data.
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