Fitch: Loan Modification Products for Metrofinanciera RMBS Would Not Affect Ratings

MONTERREY, Mexico--(BUSINESS WIRE)--Fitch Ratings stated that the proposed loan modifications products presented by Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R. (Metrofinanciera), as primary servicer of the pool of mortgage loans backing METROCB04U (F/425), METROCB06U (F/529), MTROCB07U (F/297), MTROCB08U (F/339) and MTROFCB08 (F/381) notes, would not, in and of themselves and as of this date result in a downgrade and/or withdrawal of their current ratings. However, possible changes on current ratings are not precluded regarding the implementation of this loan modification program.

The loan modification program, if approved by the notes' bondholders would allow Metrofinanciera to offer any of the following products: Product 2206 'Finiquito con facultades', Product 2208 'Daciones en Pago con esquema de comision', Product 2205 'Quita Condicionada bajo convenio judicial ajustando el monto del credito a valor avaluo menos un 10% y hasta 20% por la Direccion de Recuperacion Individual'. According to Fitch's criteria for Mexican RMBS transactions, the projected cashflows for these products are adequate when compared to traditional recovery procedure.

This scheme considers several application requirements and procedures. This program is expected to be individually offered to selected creditors since it is not part of a massive campaign. Fitch also expects changes in legal documentation (such as definitions, credit event triggers) to be included accordingly, in order to reflect the proposed loan modifications for each transaction.

Additional information is available at www.fitchratings.com

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Rating Criteria for RMBS in Latin America' (Feb. 16, 2012);

--'RMBS Latin America Criteria Addendum - Mexico' (Aug. 2, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Rating Criteria for RMBS in Latin America

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=666231

RMBS Latin America Criteria Addendum - Mexico (Mortgage Loss and Cash Flow Assumptions)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683811

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.