S&P assigns mxAAA rating to US$93mn Metrofinanciera issue

Standard & Poor's has assigned a national scale rating of mxAAA to Mexican home finance company Metrofinanciera's issue of 1bn pesos (US$92.6mn) in notes backed by bridge loans originated for home construction. The issue is the first under a 3bn-peso program with local bank Banco Invex acting as the issuer/trustee, S&P said in a statement on Wednesday. Metrofinanciera is the originator, seller, and servicer of the asset backed securities. The issue carries a subordination of 3% as well as a partial guarantor from federal second floor mortgage bank Sociedad Hipotecaria Federal. To read the full S&P report, in Spanish, type the following link into your browser: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=68128&Tx_idioma=E