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Rating Action:

Moody's downgrades three Mexican RMBS guaranteed by MBIA

 The document has been translated in other languages

21 Jan 2016

Mexico, January 21, 2016 -- Moody's de México (Moody's) has downgraded three residential mortgage-backed securitizations (RMBS) guaranteed by MBIA. This rating action follows the recent downgrade of the ratings of the financial guarantors MBIA Insurance Corporation (MBIA) and MBIA Mexico (MBIA Mexico).

The rating action is as follows:

Issuer: HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, División Fiduciaria, acting solely as trustee.

-- MXMACFW 07-3U Class A, downgraded to B3 (sf) (Global Scale, Local Currency) / B2.mx (sf) (Mexican National Scale) and placed under review for possible downgrade from B2 (sf) (Global Scale, Local Currency) and Ba1.mx (sf) (Mexican National Scale). The certificates' underlying ratings (reflecting the certificates' intrinsic credit quality absent the financial guarantee provided by MBIA) are Ca (sf) and Ca.mx (sf).

-- MXMACFW 07-5U Class A, downgraded to B3 (sf) (Global Scale, Local Currency) / B2.mx (sf) (Mexican National Scale) and placed under review for possible downgrade from B2 (sf) (Global Scale, Local Currency) and Ba1.mx (sf) (Mexican National Scale). The certificates' underlying ratings (reflecting the certificates' intrinsic credit quality absent the financial guarantee provided by MBIA Mexico) are C (sf) and C.mx (sf).

-- BRHCCB 07-2U Class A-2, downgraded to B3 (sf) (Global Scale, Local Currency) and B2.mx (sf) (Mexican National Scale) and placed under review for possible downgrade from B2 (sf) (Global Scale, Local Currency) and Ba1.mx (sf) (Mexican National Scale). The certificates' underlying ratings (reflecting the certificates' intrinsic credit quality absent the financial guarantee provided by MBIA Mexico) are Ca (sf) and Ca.mx (sf).

RATINGS RATIONALE

This action is driven solely by Moody's announcement on 19 January 2016 that it has downgraded the Insurance Financial Strength (IFS) ratings of MBIA Insurance Corporation (MBIA Corp.), and of MBIA Mexico.

MXMACFW 07-3U benefits from a financial guaranty insurance policy issued by MBIA Insurance Corp., while MXMACFW 07-5U and BRHCCB 07-2U benefit from a similar guaranty issued by MBIA Mexico, that covers timely interest payment and ultimate principal payment by the certificates final maturity date of the certificates.

The certificates' current ratings are consistent with Moody's modified approach to rating structured finance securities wrapped by financial guarantors at the higher of (1) the guarantor's IFS rating and (2) the underlying ratings, which reflect the intrinsic credit quality of the certificates in the absence of the guarantee. In the case of MXMACFW 07-3U Class A, MXMACFW 07-5U Class A and BRHCCB 07-2U Class A-2, because MBIA's IFS ratings are higher than the certificates' underlying ratings, the certificates' ratings are in line with MBIA's current ratings.

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

Any change in MBIA's IFS rating would result in a change in the ratings of the affected certificates.

RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's Approach to Rating RMBS using the MILAN Framework" published in January 2015 Please see the Credit Policy page on www.moodys.com.mx for a copy of this methodology.

This action is driven solely by the rating action on MBIA and is not a result of any change in key assumptions, expected losses, cash flows and stress scenarios on the underlying assets.

Moody's considered the servicers' practices and views them as adequate.

The period of time covered in the financial information used to determine the listed deals' ratings was 31 March, 2007 to 30 November, 2015 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents)

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 June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

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.

Credit ratings incorporate Moody's macroeconomic outlook and its implications on key variables that may include but not be limited to interest rates, inflation, economic growth, unemployment, performance of counterparties, credit availability, sector level changes in competitive conditions, supply/demand and margins, and issuer specific changes in capital structure, competitive positioning, governance, risk profile, and liquidity. Unexpected changes in such variables may lead to changes in the credit rating level, potentially by several notches. Further information on the sensitivity of the rating to specific assumptions is included in this disclosure.

In issuing this credit opinion, 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.

Moody's did not use any models, or loss or cash flow analysis, in its analysis.

Moody's did not use any stress scenario simulations in its analysis.

Information sources used to prepare these ratings isthe following: parties involved in the ratings.

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.

The date of the last Credit Rating Action for Proyectos Adamantine - MXMACFW 07-3U & MXMACFW 07-4U was 21/05/2014.

The date of the last Credit Rating Action for Proyectos Adamantine - MXMACFW 07-5U & MXMACFW 07-6U was 21/05/2014.

The date of the last Credit Rating Action for Hipotecaria Su Casita - BRHCCB 07U, BRHCCB 07-2U & BRHCCB 07-3U was 21/05/2014.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the 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 rating action, and whose ratings may change as a result of this 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 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 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.

Joel Sanchez
Asst Vice President - 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: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Linda Stesney
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 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: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Moody's downgrades three Mexican RMBS guaranteed by MBIA
No Related Data.
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