Fitch Comments on Request for Opinion for Su Casita Trust Transactions

The following is from Fitch Ratings on August 14:

Fitch Ratings currently maintains outstanding ratings of 'CCsf' and 'CC(mex)vra' on the Class A Floating Rate Notes due 2035 and 'D(mex)vra' on the Class B UDI-Indexed Notes due 2035, both issued by Irrevocable Trust number F/430 (Su Casita Trust 430).

Fitch also maintains a rating of 'D(mex)vra' on the Certificados Bursatiles Fiduciarios Serie A3 issued by Irrevocable Trust number F/ 234036 (Su Casita Trust 234036). The notes issued by Su Casita Trust 430 and Su Casita Trust 234036 are backed by different closed pools of mortgage loans originated by Hipotecaria Su Casita S.A. de C.V. in Mexico.

On July 21st 2014, MBIA Insurance and MBIA Mexico S.A. de C.V. (MBIA, as insurers for both transactions) informed Fitch of intent to substitute the current primary servicer Patrimonio S.A. de C.V. SOFOM E.N.R. (Patrimonio) with Adamantine Servicios S.A. de C.V.MBIA also requested that Fitch provide an opinion as to whether the servicer substitution event would negatively affect the notes' ratings below the current level. Fitch is treating this request as a notification. As part of this review, Fitch received documents related to preliminary servicing contracts and addendums to issuing trusts, among others.

Additional information is available at 'fitchratings.com'.

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