Moody’s Downgrades Su Casita Notes

Moody’s has downgraded the 2035 Class A Insured Residential Mortgage Floating Rate Notes of Mexican mortgage lender Su Casita to B3 from B1. The downgrade was based on the continuing deterioration of the collateral’s performance and Moody’s updated projection of lifetime cumulative gross defaults. The underlying collateral consists of first-lien, fixed-rate mortgage loans denominated in UDIs and granted primarily to low-income borrowers in Mexico, Moody’s says.