Mexico, February 12, 2014 -- Moody's de México (Moody's) has upgraded the global scale ratings
of 57 Mexican residential mortgage backed securitizations (RMBS) certificates.
The rating action is prompted by Moody's upgrade of the government of
Mexico's bond rating to A3 from Baa1 on February 5, 2014.
The complete rating action is as follows:
Issuer: Infohit 09U
INFOHIT 09U, Upgraded to A3 (sf); previously on Dec 30,
2009 Assigned Baa1 (sf)
Issuer: Infonavit - HITOTAL 10U Trust Notes
HITOTAL 10U, Upgraded to A3 (sf); previously on Dec 13,
2010 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 05U
CEDEVIS 05U, Upgraded to A3 (sf); previously on Aug 4,
2005 Definitive Rating Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 05-3U
CEDEVIS 05-3U, Upgraded to A3 (sf); previously on Dec
16, 2005 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 06-2U
CEDEVIS 06-2U, Upgraded to A3 (sf); previously on Jun
20, 2006 Definitive Rating Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 06-4U
CEDEVIS 06-4U, Upgraded to A3 (sf); previously on Nov
15, 2006 Definitive Rating Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 07-2U
CEDEVIS 07-2U, Upgraded to A3 (sf); previously on Jul
13, 2007 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 07-VSM
CEDEVIS 07-VSM, Upgraded to A3 (sf); previously on Nov
22, 2010 Confirmed at Baa1 (sf)
Cl. A-2 CEDEVIS 07-VSM, Upgraded to A3 (sf);
previously on Nov 22, 2010 Confirmed at Baa1 (sf)
Issuer: Infonavit - CEDEVIS 08U
CEDEVIS 08-2U, Upgraded to A3 (sf); previously on Apr
11, 2008 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 08-3U & CEDEVIS 08-4U
CEDEVIS 08-3U, Upgraded to A3 (sf); previously on Jun
12, 2008 Assigned Baa1 (sf)
CEDEVIS 08-4U, Upgraded to A3 (sf); previously on Jun
12, 2008 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 08-5U & CEDEVIS 08-6U
CEDEVIS 08-5U, Upgraded to A3 (sf); previously on Sep
2, 2008 Assigned Baa1 (sf)
CEDEVIS 08-6U, Upgraded to A3 (sf); previously on Sep
2, 2008 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 08-7U & CEDEVIS 08-8U
CEDEVIS 08-7U, Upgraded to A3 (sf); previously on Oct
29, 2008 Assigned Baa1 (sf)
CEDEVIS 08-8U, Upgraded to A3 (sf); previously on Oct
29, 2008 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 08-9U & CEDEVIS 08-10U
CEDEVIS 08-9U, Upgraded to A3 (sf); previously on Dec
31, 2008 Assigned Baa1 (sf)
CEDEVIS 0810U, Upgraded to A3 (sf); previously on Dec 31,
2008 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 09U
CEDEVIS 09U, Upgraded to A3 (sf); previously on May 27,
2009 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 09-2U
CEDEVIS 09-2U, Upgraded to A3 (sf); previously on Jul
6, 2009 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 09-3U
CEDEVIS 09-3U, Upgraded to A3 (sf); previously on Aug
26, 2009 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 09-4U
CEDEVIS 09-4U, Upgraded to A3 (sf); previously on Sep
29, 2009 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 09-5U
CEDEVIS 09-5U, Upgraded to A3 (sf); previously on Nov
24, 2009 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 10U and CEDEVIS 10-2U
Certificados Bursátiles
CEDEVIS 10U, Upgraded to A3 (sf); previously on Mar 17,
2010 Assigned Baa1 (sf)
CEDEVIS 10-2U, Upgraded to A3 (sf); previously on Mar
17, 2010 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 10-3U & CEDEVIS 10-4U
CEDEVIS 10-3U, Upgraded to A3 (sf); previously on Jun
21, 2010 Assigned Baa1 (sf)
CEDEVIS 10-4U, Upgraded to A3 (sf); previously on Jun
21, 2010 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 10-5U
CEDEVIS 10-5U, Upgraded to A3 (sf); previously on Aug
26, 2010 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 10-6U
CEDEVIS 10-6U, Upgraded to A3 (sf); previously on Oct
19, 2010 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 11U
CEDEVIS 11U, Upgraded to A3 (sf); previously on Feb 24,
2011 Assigned Baa1 (sf)
Issuer: Infonavit - Cedevis 11-2U
CEDEVIS 11-2U, Upgraded to A3 (sf); previously on May
27, 2011 Assigned Baa1 (sf)
Issuer: Infonavit - CDVITOT 11U & 11-2U
CDVITOT 11U, Upgraded to A3 (sf); previously on Jul 19,
2011 Assigned Baa1 (sf)
Issuer: Infonavit - CDVITOT 11-3U
CDVITOT 11-3U, Upgraded to A3 (sf); previously on Dec
5, 2011 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 12U
CEDEVIS 12U, Upgraded to A3 (sf); previously on Feb 2,
2012 Assigned Baa1 (sf)
Issuer: Infonavit - CDVITOT 12-2U
CDVITOT 12-2U, Upgraded to A3 (sf); previously on May
29, 2012 Assigned Baa1 (sf)
Issuer: Infonavit - CEDEVIS 13-U
CEDEVIS 13U, Upgraded to A3 (sf); previously on Jan 22,
2013 Assigned Baa1 (sf)
Issuer: Fovissste - TFOVIS 09U
TFOVIS 09U, Upgraded to A3 (sf); previously on Sep 10,
2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 09-2U
TFOVIS 09-2U, Upgraded to A3 (sf); previously on Sep
10, 2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 09-3U
TFOVIS 09-3U, Upgraded to A3 (sf); previously on Sep
10, 2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 10U
TFOVIS 10U, Upgraded to A3 (sf); previously on Sep 10,
2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 10-2U
TFOVIS 10-2U, Upgraded to A3 (sf); previously on Sep
10, 2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 10-3U
TFOVIS 10-3U, Upgraded to A3 (sf); previously on Sep
10, 2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 10-4U
TFOVIS 10-4U, Upgraded to A3 (sf); previously on Sep
10, 2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 11-U
TFOVIS 11U, Upgraded to A3 (sf); previously on Sep 10,
2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 11-2U
TFOVIS 11-2U, Upgraded to A3 (sf); previously on Sep
10, 2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 11-3U
TFOVIS 11-3U, Upgraded to A3 (sf); previously on Sep
10, 2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIE 12U
TFOVIE 12U, Upgraded to A3 (sf); previously on Sep 10,
2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 12U
TFOVIS 12U, Upgraded to A3 (sf); previously on Sep 10,
2012 Confirmed at Baa1 (sf)
Issuer: Fovissste - TFOVIS 12-4U
TFOVIS 12-4U, Upgraded to A3 (sf); previously on Oct
26, 2012 Assigned Baa1 (sf)
Issuer: Fovissste - TFOVIS 13-2U
TFOVIS 13-2U, Upgraded to A3 (sf); previously on Oct
15, 2013 Assigned Baa1 (sf)
Issuer: Fovissste - TFOVIS 13-3U
TFOVIS 13-3U, Upgraded to A3 (sf); previously on Dec
3, 2013 Assigned Baa1 (sf)
Issuer: BBVA Bancomer - BACOMCB 07
BACOMCB 07, Upgraded to A3 (sf); previously on Dec 19,
2007 Assigned Baa1 (sf)
Issuer: BBVA Bancomer - BACOMCB 08-2
BACOMCB 08-2, Upgraded to A3 (sf); previously on Dec
18, 2008 Definitive Rating Assigned Baa1 (sf)
Issuer: BBVA Bancomer - BACOMCB 08U & BACOMCB 08-2U
BACOMCB 08-2U, Upgraded to A3 (sf); previously on Aug
7, 2008 Assigned Baa1 (sf)
Issuer: HSBC Mexico - HSBCCB 08 & HSBCCB 08-2
HSBCCB 08-2, Upgraded to A3 (sf); previously on Sep
5, 2008 Assigned Baa1 (sf)
Issuer: Scotiabank Inverlat - SCOTICB 08
SCOTICB 08, Upgraded to A3 (sf); previously on Mar 18,
2008 Assigned Baa1 (sf)
Issuer: Banorte - BNORCB 06
BNORCB 06, Upgraded to A3 (sf); previously on Dec 28,
2006 Assigned Baa1 (sf)
RATINGS RATIONALE
Today's action is driven by Moody's announcement on February 05,
2014 that it has upgraded Mexico's government bond ratings to A3 from
Baa1. The sovereign upgrade is driven in part by an improved medium-term
economic prospects associated with higher potential growth that is likely
to result from the comprehensive reform package recently approved in Mexico.
In addition, Mexico's local currency ceilings for bonds and
deposits have been changed to Aa3 from A1, reflecting lower systemic
risk.
The improvement in medium-term economic prospects of the Mexican
economy, coupled with lower systemic risk has a positive impact
on performance of the residential mortgage sector, which is strongly
linked with the Mexican economy. The strengthened credit profile
of the Mexican government also benefits securitizations from Infonavit
and Fovissste, which are government-related institutions
that play a key role in the Mexican government's housing policies.
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The ratings of the affected securities may be sensitive to the severity
of loss assumption. Moody's has calculated how the model-indicated
global scale ratings of the affected certificates would change in a worst-case
scenario, that is, if the severity of loss assumption equaled
100%:
-- Infohit 09U Class A, rating would not change if
the current severity assumption of 63% were to increase to 100%.
-- HITOTAL 10U Trust Notes Class A, rating would not
change if the current severity assumption of 63% were to increase
to 100%.
-- Infonavit - CEDEVIS 05U Class A, rating
would not change if the current severity assumption of 60% were
to increase to 100%.
-- Infonavit - CEDEVIS 05-3U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 06-2U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 06-4U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 07-2U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 07-VSM Class A-1,
rating would change to Baa1 (sf) from A3 (sf) if the current severity
assumption of 60% were to increase to 100%.
-- Infonavit - CEDEVIS 07-VSM Class A-2,
rating would change to Baa1 (sf) from A3 (sf) if the current severity
assumption of 60% were to increase to 100%.
-- Infonavit - CEDEVIS 08-2U Class A-2,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 08-3U Class A-1,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 08-4U Class A-2,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 08-5U Class A-1,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 08-6U Class A-2,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 08-7U Class A-1,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 08-8U Class A-2,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 08-9U Class A-1,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 08-10U Class A-2,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 09U Class A, rating
would not change if the current severity assumption of 60% were
to increase to 100%.
-- Infonavit - CEDEVIS 09-2U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 09-3U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 09-4U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 09-5U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 10U Class A-1,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 10-2U Class A-2,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 10-3U Class A-1,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 10-4U Class A-2,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 10-5U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit CEDEVIS 10-6U Class A, rating
would not change if the current severity assumption of 60% were
to increase to 100%.
-- Infonavit - CEDEVIS 11U Class A, rating
would not change if the current severity assumption of 60% were
to increase to 100%.
-- Infonavit - CEDEVIS 11-2U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CDVITOT 11U Class A, rating
would not change if the current severity assumption of 60% were
to increase to 100%.
-- Infonavit - CDVITOT 11-3U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 12U Class A, rating
would not change if the current severity assumption of 60% were
to increase to 100%.
-- Infonavit - CDVITOT 12-2U Class A,
rating would not change if the current severity assumption of 60%
were to increase to 100%.
-- Infonavit - CEDEVIS 13U Class A, rating
would not change if the current severity assumption of 60% were
to increase to 100%.
--Fovissste - TFOVIS 09U Class A, rating would
not change if the current severity assumption of 83.6% were
to increase to 100%.
--Fovissste - TFOVIS 09-2U Class A,
rating would not change if the current severity assumption of 83.3%
were to increase to 100%.
--Fovissste - TFOVIS 09-3U Class A,
rating would not change if the current severity assumption of 85.7%
were to increase to 100%.
--Fovissste - TFOVIS 10U Class A, rating would
not change if the current severity assumption of 82.7% were
to increase to 100%.
--Fovissste - TFOVIS 10-2U Class A,
rating would not change if the current severity assumption of 84.3%
were to increase to 100%.
--Fovissste - TFOVIS 10-3U Class A,
rating would not change if the current severity assumption of 84.1%
were to increase to 100%.
--Fovissste - TFOVIS 10-4U Class A,
rating would not change if the current severity assumption of 84.0%
were to increase to 100%.
--Fovissste - TFOVIS 11-U Class A, rating
would not change if the current severity assumption of 86.0%
were to increase to 100%.
--Fovissste - TFOVIS 11-2U Class A,
rating would not change if the current severity assumption of 83.6%
were to increase to 100%.
--Fovissste - TFOVIS 11-3U Class A,
rating would not change if the current severity assumption of 82.8%
were to increase to 100%.
--Fovissste - TFOVIE 12U Class A, rating would
not change if the current severity assumption of 82.2% were
to increase to 100%.
--Fovissste -- TFOVIS 12U Class A, rating would
not change if the current severity assumption of 84.5% were
to increase to 100%.
--Fovissste - TFOVIS 12-4U Class A,
rating would change to Baa1 (sf) from A3 (sf) if the current severity
assumption of 85.7% were to increase to 100%.
--Fovissste - TFOVIS 13-2U Class A,
rating would not change if the current severity assumption of 84%
were to increase to 100%.
--Fovissste - TFOVIS 13-3U Class A,
rating would change to Baa1 (sf) from A3 (sf) if the current severity
assumption of 84% were to increase to 100%.
--BBVA Bancomer - BACOMCB 07 Class A, rating
would change to Baa3 (sf) from A3 (sf) if the current severity assumption
of 48.6% were to increase to 100%.
--BBVA Bancomer - BACOMCB 08-2 Class A,
rating would change to Baa1 (sf) from A3 (sf) if the current severity
assumption of 46.4% were to increase to 100%.
--BBVA Bancomer - BACOMCB 08-2U Class A-2,
rating would not change if the current severity assumption of 46.4%
were to increase to 100%.
-- HSBC Mexico - HSBCCB 08-2 Class A-2,
rating would not change if the current severity assumption of 43.1%
were to increase to 100%.
-- Scotiabank Inverlat - SCOTICB 08 Class A,
rating would change to Ba1 (sf) from A3 (sf) if the current severity assumption
of 42.4% were to increase to 100%.
-- Banorte - BNORCB 06 Class A, rating would
change to Ba3 (sf) from A3 (sf) if the current severity assumption of
50.3% were to increase to 100%.
RATING METHODOLOGY
The principal methodology used in these ratings was "Moody's Approach
to Rating RMBS using the MILAN Framework" published in November 2013.
Please see the Credit Policy page on www.moodys.com.mx
for a copy of this methodology.
The period of time covered in the financial information used to determine
the listed deals' ratings is between July 31, 2005 and November
30, 2013. (source: periodic collections and remittances
reports sent by the servicers, trustees and common representative
agents)
The transactions are backed by residential mortgage loans granted to middle
and low income borrowers, denominated in Mexican pesos or VSM.
For most of the affected transactions, the model used to monitor
the ratings determines the expected losses of the pool and then compares
the updated expected loss projection as a percentage of the outstanding
pool balance against the estimated available lifetime credit enhancement.
For transactions that closed recently such as TFOVIS 13-2U and
13-3U, the model used to determine the ratings is the MILAN
Model.
Moody's considered the servicer's practices and considers
them adequate.
Moody's National Scale 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 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 ".mx"
for México. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 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.
Moody's did not receive or take into account a third-party
assessment on the due diligence performed regarding the underlying assets
or financial instruments related to the monitoring of these transactions
in the past six months.
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.
The analysis includes an assessment of collateral characteristics and
performance to determine the expected collateral loss or a range of expected
collateral losses or cash flows to the rated instruments. As a
second step, Moody's estimates expected collateral losses or cash
flows using a quantitative tool that takes into account credit enhancement,
loss allocation and other structural features, to derive the expected
loss for each rated instrument.
As the section on loss and cash flow analysis describes, Moody's
quantitative analysis entails an evaluation of scenarios that stress factors
contributing to sensitivity of ratings and take into account the likelihood
of severe collateral losses or impaired cash flows. Moody's
weights the impact on the rated instruments based on its assumptions of
the likelihood of the events in such scenarios occurring.
Information sources used to prepare the rating are the following :
parties involved in the ratings and public information.
The rating has been disclosed to the rated entity 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 relevant 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 relevant 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 relevant 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.
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.
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 the Rating Process
page 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 the ratings disclosure page on 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
for additional regulatory disclosures for each credit rating.
Carlos Gonzalez
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
Maria Ines Muller
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Gustavo Salaiz
Associate Analyst
Structured Finance Group
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS: 52-55-1253-5700
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 upgrades 57 Mexican RMBS global scale ratings prompted by the upgrade of Mexico's government bond ratings to A3 from Baa1
