New York, April 03, 2009 -- Moody's Investors Service has withdrawn the credit and market risk
ratings assigned to 11 funds advised by Interacciones Sociedad Operadora
de Sociedades de Inversión, S.A. de C.V.
Moody's has withdrawn these ratings for business reasons.
For further details please refer to Moody's Withdrawal Policy on moodys.com.
At the time of their withdrawals, the ratings on the funds were,
as follows:
Fondo Interacciones 1, S.A. de C.V.
(InterMD): Global Local Currency credit rating (GLC): Baa;
National scale rating (NSR): Aaa.mx; Comisión
Nacional Bancaria y de Valores (CNBV) homogeneous credit rating scale:
AAA; Market risk rating: MR1 and CNBV homogeneous market risk
rating: 1
Fondo Interacciones 2, S.A. de C.V.
(Inter7): GLC: Ba; NSR: Aa.mx; CNBV
homogeneous credit rating scale: AA; Market risk rating:
MR2 and CNBV homogeneous market risk rating: 4.
Fondo Interacciones 3, S.A. de C.V.
(Inter30): GLC: Ba; NSR: Aa.mx; CNBV
homogeneous credit rating scale: AA; Market risk rating:
MR3 and CNBV homogeneous market risk rating: 5.
Fondo Interacciones NC, S.A. de C.V.
(InterNC): GLC: Baa; NSR: Aaa.mx; CNBV
homogeneous credit rating scale: AAA; Market risk rating:
MR2 and CNBV homogeneous market risk rating: 2.
Fondo Interacciones PB, S.A. de C.V.
(InterMG): GLC: Ba; NSR: Aa.mx; CNBV
homogeneous credit rating scale: AA; Market risk rating:
MR4 and CNBV homogeneous market risk rating: 5.
Fondo Interacciones PM1, S.A. de C.V.
(InterM1): GLC: Baa; NSR: Aaa.mx; CNBV
homogeneous credit rating scale: AAA; Market risk rating:
MR1 and CNBV homogeneous market risk rating: 1.
Fondo Interacciones TR1, S.A. de C.V.
(InterS1): GLC: Ba; NSR: Aa.mx; CNBV
homogeneous credit rating scale: AA; Market risk rating:
MR5 and CNBV homogeneous market risk rating: 7.
Fondo Inters-2, S.A. de C.V.
(InterS2): GLC: Baa; NSR: Aaa.mx; CNBV
homogeneous credit rating scale: AAA; Market risk rating:
MR5 and CNBV homogeneous market risk rating: 7.
The last rating action for InterMD, Inter7, Inter30,
InterNC, InterMG, InterM1, InterS1 and InterS2 was on
February 2, 2006, when the ratings of the funds were assigned
for first time.
Fondo Interacciones 4, S.A. de C.V.
(IntEuro): GLC: Baa; NSR: Aaa.mx; CNBV
homogeneous credit rating scale: AAA; Market risk rating:
MR5 and CNBV homogeneous market risk rating: 6.
The last rating action for IntEuro was on July 29, 2008, when
the market risk ratings were downgraded.
Fondo Interacciones 5, S.A. de C.V.
(InterPL): GLC: Baa; NSR: Aa.mx; CNBV
homogeneous credit rating scale: AA; Market risk rating:
MR4 and CNBV homogeneous market risk rating: 5.
The last rating action for InterPLwas on May 3, 2006, when
the ratings of the fund were assigned for first time.
Fondo Interval, S.A. de C.V. (IValor):
GLC: Baa1; NSR: Aaa.mx; CNBV homogeneous
credit rating scale: AAA; Market risk rating: MR2 and
CNBV homogeneous market risk rating: 2.
The last rating action for IValor was on March 23, 2007, when
the credit ratings of the fund were upgraded.
Moody's money market and bond fund ratings are opinions of the investment
quality of shares in mutual funds and similar investment vehicles which
principally invest in short- and long-term fixed-income
obligations, respectively. As such, these ratings incorporate
Moody's analysis of a fund's published investment objectives
and policies, the creditworthiness of the assets held by the fund,
as well as the management characteristics of the fund. The ratings
are not intended to consider the prospective performance of a fund with
respect to appreciation, volatility of net asset value, or
yield.
The national scale ratings are opinions of the relative creditworthiness
of issuers in a particular country and may be used in specific local capital
markets.
Moody's market risk ratings are opinions of the relative degree of volatility
of a rated fund's net asset value (NAV). In forming an opinion
on the fund's future price volatility, Moody's analysts
consider risk elements that may have an effect on a fund's net asset
value, such as interest rte risk, prepayment and extension
risk, liquidity and concentration risks, currency risk,
and derivatives risk. The ratings are not intended to consider
prospective performance of a fund with respect to price, appreciation
or yield.
The principal methodologies used in rating the funds were Moody's Managed
Funds Credit Quality Ratings Methodology (June 2004) and Moody's
Money Market and Bond Fund Market Risk Ratings (June 2004), which
can be found at ww.moodys.com in the Credit Policy &
Methodologies directory, in the Ratings Methodologies subdirectory.
Other methodologies and factors that may have been considered in the process
of rating the funds can also be found in the Credit Policy & Methodologies
directory.
Moody's Mexican National Scale Fund Credit Ratings:
Aaa.mx: strongest quality relative to other domestic issuers
Aa.mx: high quality relative to other domestic issuers
A.mx: above average quality relative to other domestic issuers
Baa.mx: average quality relative to other domestic issuers
Ba.mx: below average quality relative to other domestic issuers
B.mx: weak quality relative to other domestic issuers.
CNBV Homogenous:
AAA: Excellent
AA: High
A: Good
BBB: Acceptable
BB: Low
B: Minimal
Moody's domestic scale fund ratings reflect Moody's assessment of portfolio
credit quality within the context of the Mexican fixed-income market
and are not comparable to its global credit rating scale.
Moody's Market Risk Rating Scale:
MR1: Very Low
MR2: Low
MR3: Moderate
MR4: High
MR5: Very High
Homogeneous Fund Volatility Rating Scale - CNBV
1 Extremely low sensitivity to changes in market conditions
2 Low sensitivity to changes in market conditions
3 Between low to moderate sensitivity to changes in market conditions
4 Moderate sensitivity to changes in market conditions
5 Between moderate to high sensitivity to changes in market conditions
6 High sensitivity to changes in market conditions
7 Very high sensitivity to changes in market conditions
Mexico City
Jose Angel Montano
Asst Vice President - Analyst
Global Managed Investments Group
Moody's de Mexico S.A. de C.V
Telephone:+52-55-1253-5700
New York
Martin Duffy
VP - Senior Credit Officer
Global Managed Investments Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's withdraws ratings of Interacciones Funds