Moody's alza las calificaciones de riesgo de mercado de B+Educa administrado por BBVA Bancomer
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Tipo de Informe:Press release
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Publicado en:Viernes 04 de septiembre, 2009
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Proveedor:Moody's Corporation
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Nº Páginas: 1
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Frecuencia: Relativa
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Autor:Jose Angel Montano / Yaron Ernst
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Email Autor:epi@moodys.com
Moody's upgrades market risk ratings of B+Educa managed by BBVA Bancomer
Buenos Aires, September 04, 2009 -- Moody's Investors Service has upgraded the market risk rating of Fondo Deuda Mercado 1, S.A. de C.V. Sociedad de Inversión en Instrumentos de Deuda (B+Educa) to MR1 from MR2 to reflect its view that the volatility of the fund's net asset value ('NAV') is likely to decline given the introduction of more conservative investment duration guidelines by its investment manager, BBVA Bancomer Gestión, S.A. de C.V., Sociedad Operadora de Sociedades de Inversión. Simultaneously, Moody's de México has upgraded to 1 from 3 the market risk rating under the Comisión Nacional Bancaria y de Valores or CNBV homogeneous scale.
"The investment manager had originally intended for the Fund to have a longer duration profile," said Moody's analyst José Angel Montaño and lead analyst of the fund. "It now plans to limit duration to 50 days, which significantly reduces the likely volatility of the fund NAV." Further limiting NAV volatility is Moody's expectation that the fund will be managed in a conservative manner, investing exclusively in securities issued by the Government of Mexico or in reverse repo collateralized by such securities.
In addition, the agency affirmed the credit rating of Baa assigned to B+Educa. The fund's credit rating reflects the credit quality of the securities in which it invests, notably securities issued by the Government of Mexico or reverse repo collateralized by such securities. Moody's de México also affirmed the national scale rating of Aaa.mx and AAA under the CNBV homogeneous scale.
The last rating action was on September 3, 2008, when the Fund's ratings were assigned for the first time.
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 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 rate 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 methodology used in rating the fund were Moody's Managed Funds Credit Quality Ratings Methodology and Moody's Money Market and Bond Fund Market Risk Ratings, published in June 2004 and available on www.moodys.com.mx in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this fund can also be found in the Rating Methodologies sub-directory on Moody's website.
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
