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Rating Action:

Moody's ha asignado una calificación preliminar en la escala de calificación nacional de Aa2.ar, Baa1.ar, y B1.ar respectivamente a las Clases A, B y a los Certificados de Participacion emitidos por Banco Société Genéralé (como Fiduciario).

10 Mar 2004
Moody's ha asignado una calificación preliminar en la escala de calificación nacional de Aa2.ar, Baa1.ar, y B1.ar respectivamente a las Clases A, B y a los Certificados de Participacion emitidos por Banco Société Genéralé (como Fiduciario). Moody's Investors Service ha asignado una calificación preliminar en la escala nacional de Aaa.mx y una calificación preliminar de Baa1 en la escala global en moneda local a los Certificados Bursátiles (CB) Clase A emitidos a tasa variable. Esta emisión de 1,000 millones de pesos es la tercera y última de un programa de 2,000 millones de pesos.

El interés y el capital sobre los Certificados serán pagados con los fondos provenientes de hipotecas individuales financiadas por Sociedad Hipotecaria Federal (SHF), INFONAVIT, FOVISSTE, emisiones respaldadas por hipotecas, líneas de crédito de bancos (proveedores mexicanos de fondos de vivienda) siempre que la hipoteca (take-out) pueda ser identificada apropiadamente con anterioridad a la asignación de los préstamos puente al fideicomiso.

SHF, INFONAVIT y FOVISSTE son entidades gubernamentales Mexicanas o agencies cuasi-gubernamentales encargadas de promover el mercado Mexicano de hipotecas. Según la opinión de Moody's, el riesgo de que estas agencias gubernamentales o cuasi-gubernamentales no provean préstamos hipotecarios (take-out) se encuentra compensado por la presión pública que sería ejercida por lo sindicados y por la ciudadanía en general para asegurar la distribución de casas para trabajadores estatales y privados de bajos recursos. Los proveedores de take-out, en la fecha de venta de una casa o proyecto, depositarán los fondos relacionados con el préstamo directamente en el fideicomiso para aislar el riesgo del desarrollador.


FUNDAMENTOS DE LA CALIFICACION

Las calificaciones asignadas están basadas fundamentalmente en los siguientes factores:

La importancia de estas agencias gubernamentales o cuasi-gubernamentales o proveedores de hipotecas para el sistema de viviendas, dado que son los mayores proveedores en México de financiamiento e hipotecas para viviendas de interés social, así como también la importancia de viviendas económicas para el gobierno de México dada la enorme demanda, dice Camilo Méndez, analista de Moody's Investor Service.

Según Méndez, hay aspectos fundamentales que sustentan la calificación: el soporte crediticio bajo la forma de sobrecolateralización de 1.05 veces el monto remanente de los Certificados, la presencia de una garantía crediticia parcial provista por Sociedad Hipotecaria Federal (Aaa.mx) del 14.2 del monto remanente de los CBs para cubrir pagos de interés y capital, un gatillo de liquidez para proteger al fideicomiso de la inclusión de nuevos proyectos cuando al menos el 95% de los fondos disponibles estén liberados; y la sobrecolateralización futura de 1.54 veces dado que solo el 65% del precio de venta de la propiedad de bajos recursos se adelanta a Metrofinanciera.

Metrofinanciera tiene sólidos estándares de originación y cobranzas. El proceso de aprobación de los préstamos puente comienza en el área de marketing, donde se revisa al cliente (desarrollador de viviendas) o la solicitud del posible cliente y toda la documentación pertinente. Luego se presenta un análisis de crédito del solicitante al comité de crédito para su revisión. Después de que los documentos son aprobados y revisados por el Departamento Legal, el Área Técnica y la Mesa de Control, entonces se firman los contratos iniciales ante la presencia de un notario público, dice Philip Kibel, Vicepresidente de Moody's.

De acuerdo con los términos de la línea de crédito, el avance inicial al desarrollador proviene del capital de trabajo y los subsiguientes avances se realizan a medida que la construcción continúa, sujeto a la revisión del Comité Técnico del fideicomiso. El avance inicial y los subsiguientes para el desarrollador se revisan y aprueban por varios departamentos de Metrofinanciera que incluyen el Área Técnica, después se turna al Área de Operación que realiza el calculo del monto a desembolsar, y al final lo aprueba la Mesa de Control, que actúa como control del crédito.

Además, los límites de concentración por desarrollador y por proyecto, junto con los criterios de elegibilidad de los préstamos puente y el soporte crediticio general de la transacción, también mitigan el riesgo de los desarrolladores en esta transacción, dice Méndez.

Según la opinión de Moody's el riesgo de demanda de vivienda no es significativo porque la demanda en México excede en gran medida la oferta de casas. Además del déficit existente (aproximadamente 5 millones de unidades), cada año 700.000 nuevos hogares se forman en México, incrementando la necesidad de financiamiento. Más aún, dado que la mitad de la población de México tiene menos de 22 años de edad, se espera que la demanda se incremente durante los próximos años.

Moody's considera que el riesgo de insuficiente oferta de hipotecas take-out no es significativo. La administración actual ha establecido un objetivo de incrementar la producción de nuevos hogares de 325.000 unidades producidas en 2000 a 750.000 unidades en 2006. Uno de los mayores desafíos es la financiación para los compradores de viviendas, que debería estar parcialmente mitigado por la recientemente creada Sociedad Hipotecaria Federal, cuyo objetivo es asegurar que el financiamiento hipotecario este disponible para los compradores, y de esta manera se incrementa la oferta.

El aislamiento de los activos en el Fideicomiso a través de leyes Mexicanas bien establecidas y regulaciones para las securitizaciones es otro factor adicional en las calificaciones de Moody's.

RESUMEN DE LA CALIFICACION

$1,000,000,000.00 Pesos - Certificados Bursátiles Clase A - Aaa.mx


Los detalles del análisis de Moody's se encontraran en nuestro próximo Pre Sale Report METROFINANCIERA Series - 2004-1
No Related Data.
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