Sofom ratings roundup: Nissan, Ford units, Valmex

Wednesday, July 27, 2011

Moody's has upgraded the local national scale long-term debt rating of Mexican auto finance firm NR Finance de México to Aaa from Aa1, with a stable outlook. The short-term rating was left at MX-1.

The upgrade of NR, which is regulated as a multiple purpose financial company (Sofom), follows an upgrade of parent Nissan Motor Acceptance Corporation's (NMAC) rating to Baa1, with a positive outlook.

"NR Finance's debt ratings are based on irrevocable and unconditional guarantees provided by NMAC," the ratings agency said in a statement.

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Fitch has affirmed the local national scale long and short-term debt ratings of auto finance company Ford Credit de México (FCM) at A+ and F1, respectively, with a positive outlook.

The rating of FCM, another Sofom, is based on the fundamentals of its parent, Ford Motor Credit Company, which is rated internationally by Fitch at BB with a positive outlook.

"FCM's operations are showing a satisfactory financial profile, with an important recovery since 2009, when the margins were strongly pressured by the higher costs of funding," the ratings agency said.

To read the full report, in Spanish, go to this link.


Fitch has affirmed the national long and short-term corporate ratings of Mexican brokerage Valmex Soluciones Financieras at A+ and F1, respectively, with a stable outlook.

Valmex operates as a Sofom and is owned by local conglomerate Grupo Empresarial Bal, which among other businesses controls private pension fund manager Profuturo.

"Fitch considers the credit quality of [the group's] institutions to be in general very high," the ratings agency said, adding that Valmex's rating could go up or down depending on Bal's financial health and performance.

To read the full report, in Spanish, go to this link.