Ratings Withdrawn On BRHCCB 07-2U Certificates Insured By MBIA Mexico

Stocks and Financial Services Press Releases Friday January 19, 2018 08:53
MEXICO CITY--19 Jan--S&P Global Ratings

MEXICO CITY (S&P Global Ratings) Jan. 18, 2018-- S&P Global Ratings today withdrew its 'CCC (sf)' global scale and 'mxCCC (sf)' CaVal national scale long-term ratings on the BRHCCB 07-2U certificates, which correspond to a Mexican residential mortgage-backed securities transaction originated by Hipotecaria Su Casita, S.A. de C.V. (not rated) and serviced by Adamantine Servicios S.A. de C.V. (not rated). Additionally, we withdrew the 'D (sf)' SPUR on class BRHCCB 07-2U (see list).

The ratings' withdrawals occur after the withdrawal of our long-term ratings on MBIA Mexico, the notes' guarantor (see "MBIA Mexico S.A. de C.V. 'CCC' and 'mxCCC' Ratings Affirmed, Then Withdrawn At Issuer Request," published Jan. 3, 2018). For an insured class of notes, our rating is generally the higher of the rating on the insurer or the Standard & Poor's underlying rating (SPUR) on the tranche. A SPUR is our opinion of the stand-alone creditworthiness of an obligation--that is, the capacity to pay debt service on a debt issue according to its terms--without considering an otherwise applicable bond insurance policy. Prior to its withdrawal, the 'D (sf)' SPUR rating on the senior class reflected the fact that without the insurance provided by MBIA Mexico, the securitized portfolio did not generate enough cash flow to fully cover the interest payments of senior class BRHCCB 07-2U.

The national scale rating on the subordinated class BRHCCB 07-3U remains unchanged at 'D (sf)'.

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