Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Related Issuers
Banorte - BNORCB 06
Banorte - BNORTCB 07
Banorte - BNTECB 07 & BNTECB 07-2
BBVA Bancomer - BACOMCB 07
BBVA Bancomer - BACOMCB 08-2
Fovissste - TFOVICB 15-2U
Fovissste - TFOVICB 15U
Fovissste - TFOVIE 12U
Fovissste - TFOVIS 09-3U
Fovissste - TFOVIS 10-2U
Fovissste - TFOVIS 10-3U
Fovissste - TFOVIS 10-4U
Fovissste - TFOVIS 11-2U
Fovissste - TFOVIS 11-3U
Fovissste - TFOVIS 11-U
Fovissste - TFOVIS 12-4U
Fovissste - TFOVIS 12U
Fovissste - TFOVIS 13-2U
Fovissste - TFOVIS 13-3U
Fovissste - TFOVIS 14-2U
Fovissste - TFOVIS 14-3U
Fovissste - TFOVIS 14-U
Hipotecaria Credito y Casa - CREYCB 06U & CREYCB 06-2U
Hipotecaria Su Casita - BRHCCB 07U, BRHCCB 07-2U & BRHCCB 07-3U
Hipotecaria Su Casita - BRHCCB08U, BRHCCB08-2U & BRHCCB08-3U
Hipotecaria Su Casita - BRHCGCB 04U
Hipotecaria Su Casita - BRHSCCB 05U
Hipotecaria Su Casita - BRHSCCB 06
Hipotecaria Su Casita - BRHSCCB 06-2 & BRHSCCB 06-3
Hipotecaria Su Casita - BRHSCCB 06-5U & BRHSCCB 06-6U
Hipotecaria Su Casita - BRHSCCB 06U & BRHSCCB 06-2U
Hipotecaria Su Casita - BRHSCCB 07 & BRHSCCB 07-2
Hipotecaria Su Casita - HSCCB 08
Hipotecaria Su Casita - HSCCICB 06
HSBC Mexico - HSBCCB 07
HSBC Mexico - HSBCCB 07-3
HSBC Mexico - HSBCCB 08 & HSBCCB 08-2
Infohit 09U
Infonavit - CDVITOT 11-3U
Infonavit - CDVITOT 11U & 11-2U
Infonavit - CDVITOT 12-2U
Infonavit - CDVITOT 14U
Infonavit - CEDEVIS 05-3U
Infonavit - CEDEVIS 05U
Infonavit - CEDEVIS 06-2U
Infonavit - CEDEVIS 06-4U
Infonavit - CEDEVIS 07-2U
Infonavit - CEDEVIS 07-VSM
Infonavit - CEDEVIS 08-3U & CEDEVIS 08-4U
Infonavit - CEDEVIS 08-5U & CEDEVIS 08-6U
Infonavit - CEDEVIS 08-7U & CEDEVIS 08-8U
Infonavit - CEDEVIS 08-9U & CEDEVIS 08-10U
Infonavit - CEDEVIS 08U & CEDEVIS 08-2U
Infonavit - CEDEVIS 09-2U
Infonavit - CEDEVIS 09-3U
Infonavit - CEDEVIS 09-4U
Infonavit - CEDEVIS 09-5U
Infonavit - CEDEVIS 09U
Infonavit - CEDEVIS 10-3U & CEDEVIS 10-4U
Infonavit - CEDEVIS 10-5U
Infonavit - CEDEVIS 10-6U
Infonavit - CEDEVIS 10U and CEDEVIS 10-2U Certificados Bursátiles
Infonavit - Cedevis 11-2U
Infonavit - CEDEVIS 11U
Infonavit - CEDEVIS 12U
Infonavit - CEDEVIS 13-U
Infonavit - HITOTAL 10U Trust Notes
ING Hipotecaria - HICOACB 06U & HICOACB 06-2U
Linea hipotecaria Santander - FOVISSSTE
Metrofinanciera - METROCB 02
Metrofinanciera - METROCB 03-2
Metrofinanciera - METROCB 03-3
Metrofinanciera - METROCB 04
Metrofinanciera - METROCB 04U
Metrofinanciera - METROCB 05
Metrofinanciera - METROCB 05U
Metrofinanciera - METROCB 06U
Metrofinanciera - METROCB 07
Metrofinanciera - METROCB 07-3
Metrofinanciera - MFCB 05U
Metrofinanciera - MTROCB 07U
Metrofinanciera - MTROCB 08U
Patrimonio - PATRICB 06U
Patrimonio - PATRICB 07
Patrimonio - PATRICB 07U
Proyectos Adamantine - MXMACCB 04U
Proyectos Adamantine - MXMACCB 05-2U
Proyectos Adamantine - MXMACCB 05U
Proyectos Adamantine - MXMACCB 06U
Proyectos Adamantine - MXMACFW 06U & MXMACFW 06-2U
Proyectos Adamantine - MXMACFW 07-3U & MXMACFW 07-4U
Proyectos Adamantine - MXMACFW 07-5U & MXMACFW 07-6U
Proyectos Adamantine - MXMACFW 07U & MXMACFW 07-2U
Scotiabank Inverlat - SCOTICB 08
Rating Action:

Moody's recalibrates Mexico's national rating scale, repositions national scale ratings and takes rating action on Mexican structured finance transactions

 The document has been translated in other languages

14 Jun 2016

Mexico, June 14, 2016 -- Moody's de Mexico (Moody's) has repositioned the national scale ratings (NSRs) of 21 Mexican structured finance certificates in conjunction with the recalibration of the Mexican national rating scale. At the same time, Moody's has taken selective rating actions on the global scale based on updated performance data.

NSRs, which provide a measure of relative creditworthiness within a single country, are derived from GSRs using country-specific maps, or correspondences. The adoption of a revised correspondence between Moody's global scale ratings and the Mexican national scale follows implementation of Moody's updated methodology "Mapping National Scale Ratings from Global Scale Ratings" in Mexico on www.moodys.com.mx at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_189644. The revised correspondence for Mexican NSRs is available in the updated compendium, published June 13, of National Scale Rating Maps By Country at http://v3.moodys.com/viewresearchdoc.aspx?docid=PBC_190457 in Spanish and http://v3.moodys.com/viewresearchdoc.aspx?docid=PBC_190456 in English. The new methodology mirrors that implemented by Moody's Investors Service in other jurisdictions last month. For more information, please see "Moody's publishes updated methodology for national scale ratings" https://www.moodys.com/research/Moodys-publishes-updated-methodology-for-national-scale-ratings--PR_348579. Moody's Investors Service's updated NSR methodology is available in English on www.moodys.com at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_189032.

With approximately 170 rated fundamental issuers in Mexico, the new map has been designed using the modified approach, whereby the map design is adjusted to reflect the distribution of fundamental ratings in the country in order to ensure adequate opportunity for differentiation where ratings are most highly concentrated. At the same time, however, the modified approach also seeks to maintain the stability of the map design in order to limit the volatility of NSRs derived from it. Structured finance ratings are not taken into consideration in the determination of the map design.

In the new national scale map for Mexico, the anchor point, or the lowest GSR that can map to Aaa.mx, has been raised to A3, which is equal to the sovereign bond rating, from the previous level of Baa1. The revised map provides the ability to differentiate on the national scale between issuers rated A3 and above and those rated Baa1 on the global scale, which together account for more than 20% of fundamental issuers. Although there is a meaningful difference in the creditworthiness of these two groups of issuers, as reflected in their global scale ratings, under the previous map all were eligible to receive Aaa.mx NSRs. In addition, in order to clarify the meaning of NSRs, overlap -- where two GSRs can correspond to the same NSR -- has been eliminated from the Mexican national scale map, so every NSR maps back to just one GSR (with the exception of Aaa.mx). As a result of these changes, GSRs of B2 and above will in some cases correspond to lower NSRs on the Mexican scale than they did previously, GSRs of Caa1 and below may correspond to higher NSRs, while GSRs of B3 may correspond to either higher or lower NSRs.

Consequently, approximately 20% of Mexican fundamental issuer's primary long-term NSRs are being repositioned lower and 2% are being repositioned higher. Certain short-term and other NSRs may be affected for these and other issuers as well. In addition, approximately 7% of the NSRs assigned to Mexican structured finance transactions are being repositioned lower and 7% are being repositioned higher. Almost all ratings changes are just one notch. The repositioned NSRs of individual issuers do not signify a change in credit risk, since the GSRs for these issuers remain unchanged.

As a result of the recalibration, the level of risk associated with a particular Mexican NSR level (e.g. B2.mx) has changed in some cases. NSRs have no inherent absolute meaning in terms of default risk or expected loss; they are ordinal rankings of creditworthiness relative to other domestic issuers within a given country. However, a historical probability of default and/or expected loss consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. As a result, both the probability of default and the expected loss associated with an NSR may change if and when a country's national scale is remapped.

Moody's also took selective rating actions on global scale for some transactions based on updated performance data and cash flow analysis. Moody's considered credit enhancement and subordination levels for each transaction and it also ran simulations with established parameters on prepayment and loss rates. Specific factors related to the Mexican market were also taken into account.

ISSUERS AND RATINGS AFFECTED

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF433962 for the list of affected credit ratings. This list is an integral part of this press release and identifies each affected issuer.

RATING RATIONALE

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF433962 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Principal Methodology

• Loss and Cash Flow Analysis

NSRs are assigned by applying the published correspondence from GSRs. Where a single GSR maps to multiple NSRs, rating committees assigned higher or lower NSRs to individual issuers and debts depending on their relative credit position within the same GSR category, using the same methodologies as were used to determine the GSRs themselves.

Moody´s took selective rating actions on the following transactions:

Issuer: HSBC México -- HSBCCB 07

HSBCCB 07, Upgraded to A3 (sf) from Baa1 (Global Scale, Local Currency); and previously on April 5, 2007 assigned a Baa1 (sf)

HSBCCB 07, Affirmed at Aaa.mx (sf) (National Scale); and previously on April 5, 2007 assigned a Aaa.mx (sf)

Issuer: INFONAVIT - CEDEVIS 13U

Constancia Preferente, Upgraded to A3 (sf) from Baa3 (sf) (Global Scale, Local Currency); and previously on January 22, 2013 assigned a Baa3 (sf)

Constancia Preferente, Upgraded to Aaa.mx (sf) from Aa2.mx (sf) (National Scale); and previously on January 22, 2013 assigned a Aa2.mx (sf)

Issuer: INFONAVIT CDVITOT 14U

CDVITOT 14-2U, Upgraded to A3 (sf) from Baa3 (sf) (Global Scale, Local Currency); and previously on July 8, 2014 assigned a Baa3 (sf)

CDVITOT 14-2U, Upgraded to Aaa.mx (sf) from Aa2.mx (sf) (National Scale); and previously on July 8, 2014 assigned a Aa2.mx (sf)

Constancia Preferente, Upgraded to A3 (sf) from Baa3 (sf) (Global Scale, Local Currency); and previously on July 8, 2014 assigned a Baa3 (sf)

Constancia Preferente, Upgraded to Aaa.mx (sf) from Aa2.mx (sf) (National Scale); and previously on July 8, 2014 assigned a Aa2.mx (sf)

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

The NSRs would face upward or downward pressure if their corresponding GSRs are upgraded or downgraded, unless this is in conjunction with a sovereign rating action that results in another recalibration of the Mexican national scale with an offsetting impact on NSRs. In addition, the NSRs may be repositioned upwards (downwards) if Mexico's sovereign is downgraded (upgraded) and the map is revised accordingly, but the corresponding GSRs have not changed as a result of the sovereign action. Because of the higher granularity of national scales, NSRs may also face pressure due to changes in creditworthiness that are not sufficient to cause a change in the corresponding GSR, measured using the same methodologies used to determine the GSR.

Factors that would lead to a downgrade of the selective rating actions are higher expected loss levels, the cash availability in the transaction and deterioration of loss coverage.

Factors that would lead to an upgrade on the selective rating actions are lower expected loss levels resulting from improved liquidity levels and stronger portfolio performance.

METHODOLOGIES USED

Please refer to the following Excel file for further references regarding the applicable rating methodology for each transaction http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF433962

The period of time covered in the financial information used to determine Banorte - BNORTCB 07's rating is between December 31st,2009 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Banorte - BNTECB 07 & BNTECB 07-2's rating is between March 4th,2008 and May 4th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Hipotecaria Credito y Casa - CREYCB 06U & CREYCB 06-2U's rating is between November 30th,2006 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Hipotecaria Su Casita - BRHCCB08U, BRHCCB08-2U & BRHCCB08-3U's rating is between April 30th,2008 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Hipotecaria Su Casita - BRHCGCB 04U's rating is between July 31st,2004 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Hipotecaria Su Casita - BRHSCCB 05U's rating is between September 30th,2005 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Hipotecaria Su Casita - BRHSCCB 06's rating is between March 31st,2006 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Hipotecaria Su Casita - BRHSCCB 06-2 & BRHSCCB 06-3's rating is between November 30th, 2006 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Hipotecaria Su Casita - BRHSCCB 06U & BRHSCCB 06-2U's rating is between May 31st, 2006 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Hipotecaria Su Casita - BRHSCCB 07 & BRHSCCB 07-2's rating is between January 31st, 2007 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine HSBC Mexico - HSBCCB 07's rating is between February 20th, 2007 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Metrofinanciera - METROCB 04U's rating is between December 12th, 2004 and March 3rd,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Metrofinanciera - MFCB 05U's rating is between August 31st, 2005 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Proyectos Adamantine - MXMACCB 05-2U's rating is between November 11th, 2005 and April 30th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Proyectos Adamantine - MXMACCB 05U's rating is between July 31st, 2007 and April 4th,2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Infonavit - CDVITOT 14U's rating is between July 31st, 2014 and March 3rd, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Infonavit - CEDEVIS 13-U's rating is between April 20th, 2013 and March 31st, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Hipotecaria Su Casita - BRHCCB 07U, BRHCCB 07-2U & BRHCCB 07-3U's rating is between October 31st, 2007 and April 30th, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Proyectos Adamantine - MXMACFW 07-3U & MXMACFW 07-4U's rating is between July 31st, 2007 and April 30th, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

The period of time covered in the financial information used to determine Proyectos Adamantine - MXMACFW 07-5U & MXMACFW 07-6U's rating is between September 30th, 2007 and April 30th, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents).

Moody's considered the servicers' practices and views them as 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_189530.

REGULATORY DISCLOSURES

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF433962 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Loss and Cash Flow Analysis

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 stress scenario simulations in its analysis.

Information source used to prepare the rating is the 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.

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 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 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 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 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com.mx, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Gustavo Salaiz
Associate 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

Martin Fernandez Romero
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

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 recalibrates Mexico's national rating scale, repositions national scale ratings and takes rating action on Mexican structured finance transactions

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit 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 or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​
Moodys.com