Moody's assigns Baa1 rating to FOVISSSTE bonds

- Thursday, December 15, 2011

Moody's assigns Baa1 rating to FOVISSSTE bonds

Moody's has assigned national and global scale ratings of Aaa.mx and Baa1, respectively, to TFOVIS 11-3U bonds issued by Mexican government-owned housing credit company FOVISSSTE, with negative outlooks , the ratings agency said in a report.

The rating on the bonds, worth 4.31bn pesos (US$313mn), is under revision for possible downgrade, according to the report.

The ratings reflect the quality of FOVISSSTE's credit portfolio and the company's financial stability, given its status as a government institution and the second largest mortgage lender in the country.

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