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23 Nov 2011
Mexico, November 23, 2011 -- Moody's de México's (Moody's) review of the reporting inconsistencies
in the "TFOVIS" Mexican RMBS issued and serviced by FOVISSSTE
will focus on the steps being taken to resolve them, the rating
agency explains in a new report. The inconsistencies that Moody's
uncovered as it monitored the securities led Moody's to place their
Aaa.mx (sf) and Baa1(sf) ratings on review for downgrade.
"These issues have raised concerns about the quality, consistency,
and clarity of the information in the securitizations' collections
reports," says Karen Ramallo, a Moody's AVP -
Analyst. "Further, given that the collections reports
do not necessarily reflect what FOVISSSTE states it is actually doing,
assessing the combined impact of the reporting issues presents some difficulties."
During the review, Moody's will examine the procedures transaction
parties follow to resolve the reporting inconsistencies, validate
the quality of the collections reports and reconcile the historical cash
flows to the trusts. Moody's will also assess the impact
of all of the reporting issues and whether FOVISSSTE has deposited more
or less money than it should have into the trust accounts.
In the meantime, Moody's is maintaining the Aaa.mx
(sf) and Baa1 (sf) ratings on the affected certificates, albeit
on review, due to the transactions' solid performance and
structural protections. Because of FOVISSSTE's strong alignment
of interests with investors, Moody's believes FOVISSSTE will
promptly remedy any reporting issues that might expose the trusts to increased
risk. If the parties involved achieve a satisfactory resolution
to these issues, Moody's would remove the certificates from review
status and confirm the current ratings.
During its monitoring of the ten affected TFOVIS transactions, Moody's
identified four types of reporting inconsistencies. First,
FOVISSSTE's deposits to trust accounts differed from deposit instructions
of the master servicer, ACFIN. Second, servicing fee
payment instructions were duplicated. Third, ACFIN did not
always publish a collections report for the month immediately after the
pool cut-off date. Fourth, FOVISSSTE over-deposited
what it considered the employers' 5% contribution; it
is unclear whether the trusts have reimbursed FOVISSSTE.
Fondo de Vivienda del Instituto de Seguridad y Servicios Sociales de los
Trabajadores del Estado (FOVISSSTE) is a decentralized entity of ISSSTE
(Mexico's social security agency for federal government employees),
which in turn is a decentralized government organization of Mexico's
Federal Public Administration.
The report "Moody's to review impact of reporting inconsistencies
in FOVISSSTE Mexican RMBS" is available on Moodys.com.
Joel Sanchez Hernandez
Structured Finance Group
Moody's de México, SA de CV
Paseo de las Palmas No. 405 -502
Lomas de Chapultepec
Mexico City, DF 11000
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
Senior Vice President
Structured Finance Group
Moody's explains its review of reporting inconsistencies in FOVISSSTE's TFOVIS Mexican RMBS
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
No Related Data.
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