Ratings roundup: Banobras bond issues, NR Finance bonds, ACFIN RMBS transactions

Thursday, November 24, 2011

Moody's Mexico has assigned a global scale rating of Baa1 and a national scale rating of Aaa(Mx) to bonds issued by Mexican public works and services development bank Banobras worth 7bn pesos (US$497mn), according to a press release from the ratings agency.

The outlook for the ratings is stable.

The bond issues comprise three takedowns, one worth 5bn pesos with maturity of four years, and others of 1.5bn pesos and 500mn pesos each with maturity of 10 years, according to the release.

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The ratings reflect the explicit support of Banobras by the Mexican government, which is the bank's majority shareholder.

Banobras is an instrument of government policy whose principal role is to provide financing for infrastructure projects to states and municipalities.


Moody's also assigned a long-term national scale rating of Aaa(Mx) and a short-term national scale rating of MX-1 to bonds issued by vehicle finance company NR Finance Mexico worth up to 13bn pesos, according to a press release. The ratings have a stable outlook.

The bonds will have a maturity of up to five years.

The ratings reflect the irrevocable and unconditional guarantees provided by Nissan Motor Acceptance Corporation, which has a Moody's senior debt rating of Baa1 with a positive outlook.


Moody's has placed the SQ2- rating of residential mortgage lender ACFIN on review for possible downgrade, according to a release.

The review is primarily based on concerns over ACFIN's role in preparing collection reports, as well as reviewing collections information, from state-run housing lender FOVISSSTE regarding the TFOVIS residential mortgage backed securities (RMBS) transactions, for which ACFIN is the primary servicer.

On Wednesday (Now 23) Moody's also placed the ratings of 10 TFOVIS RMBS certificates issued by FOVISSSTE on review for possible downgrade.