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Fitch Publishes New Issue Report on CDVITOT 11U.

MONTERREY, Mexico -- Fitch Ratings has published a New Issue Report on CDVITOT 11U.

This MXP 2,781 million transaction is the first RMBS transaction backed by 'INFONAVIT Total' mortgage loans originated by Instituto Del Fondo Nacional De La Vivienda Para Los Trabajadores (INFONAVIT) in conjunction with Banamex; and is the first one pursuant the MXP6 billion program authorized by Comision Nacional Bancaria y de Valores (CNBV). To date, INFONAVIT has issued a total of 28 transactions in the local market under the CEDEVIS program, backed by 'INFONAVIT Tradicional' loans; Fitch rates 23 of them at 'AAA(mex)'. This is the second issuance with 'INFONAVIT Total' loans, after HITOTAL 10U, rated also 'AAA(mex)', which had its first retaping on March 2011. While the 'INFONAVIT Tradicional' loans are targeted to low income borrowers, 'INFONAVIT Total' loans are targeted to borrowers mainly in the middle and high income segments.

The report provides a detailed and up-to-date perspective on key credit characteristics of this issuance, such as the quality of the mortgage portfolio, credit enhancement, underwriting and servicing capabilities of the originator, as well as the financial and legal structure of the transaction.

On July 12, 2011, Fitch assigned an 'AAA(mex)' rating to the senior notes and an 'AA(mex)' to the subordinated instrument. For more information please refer to the press release titled 'Fitch califica 'AAA(mex)' bursatilizacion de creditos hipotecarios INFONAVIT Total - CDVITOT 11U'.

The report and the press release are available at www.fitchratings.com.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research: CDVITOT 11U http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646749

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
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Publication:Business Wire
Article Type:Report
Geographic Code:1MEX
Date:Jul 22, 2011
Words:430
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