It’s Another Wrap

Ratings agency Standard & Poor’s has assigned a Triple A rating to the mortgage-backed notes issued by Mexican Sofol Patrimonio and placed by Banamex. The notes mature November 25, 2033 and pay a fixed interest rate of 4.29%. The RMBS-backed securities, worth $92 million (994 million pesos) and issued in inflation-linked units or UDIs, are the first such instruments issued by Patrimonio, which is planning to issue five times that amount in total. According to S&P, it is the second RMBS issue in the local market to carry a full wrap; the first came from GMAC Financiera in October.