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November 27, 2007 |
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HIPOTECARIA CREDITO: Inks Sale Agreement with Coppel Capital Hipotecaria Credito y Casa has signed an accord for its sale to Mexican Grupo Coppel unit Coppel Capital, for an undisclosed sum, Coppel Capital said in a filing with the Mexico City stock exchange. According to Coppel Capital's filing, Grupo Coppel would create a financial services group once the purchase is completed. The group would be comprised of: -- Hipotecaria Credito, -- commercial bank BanCoppel, and -- pension fund manager Afore Coppel. Coppel Capital told Business News Americas that it would maintain the Hipotecaria Credito brand and the firm's management team. The federal competition commission of Mexico has approved the transaction, BNamericas states. Hipotecaria Credito y Casa is a special purpose financial company, or Sofol, that specializes in low-income mortgage lending and also provides construction bridge loans for housing developments. It is based in Culiacan, Sinaloa, Mexico. It started operations in 1997 as a non-bank financial institution/Sofol Mortgage Company. Hippotecaria Credito's main activity consists of extending mortgages financed by monies from SHF to low income households. As of March 31, 2006, the company reported assets of MXN19.3 billion and MXN1.3 billion in equity. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 20, 2006, Moody's de Mexico SA de CV assigned a rating of Aaa.mx and Baa1 to the Series A certificates CREYCB 06U and a rating of A1.mx and Ba2 to the Series B certificates from Hipotecaria Credito aka Casa, SA de CV, Sociedad Financiera de Objeto Limitado aka CyC. The certificates were issued by Banco Invex SA, acting solely in its capacity as trustee. In July 2007, Moody's affirmed the ratings of Hipotecaria Credito's Class A and B certificates: -- Class A Certificates with its Aaa.mx Mexican national scale rating and Baa1 global global scale, local currency rating; and -- Class B Certificates with its A1.mx Mexican national scale rating and Ba2 global scale, local currency rating. |
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