In order to help the investor measure the risks of investing on debt securities, and to evaluate the mutual funds specialized in debt, starting in January 1998, the Rating Agencies evaluate the quality of the debt instruments as well as the assets that are part of the debt funds’ portfolios, the payment capacity of the issuer and their sensitivity to economic fluctuations.

The rank assigned by the different companies consists of letters and numbers. The former is used to rate credit quality (or the issuer’s capacity and timely payment) and the numbers rank the risks in the market (or the vulnerability of the fund to be affected as a consequence to changes such as interest rates and exchange rates).

Under the “creditor quality” concept, the Rating Agencies evaluate the experience and history of the fund administration, its operational policies such as internal controls and risk taking behavior; the congruence of the portfolio versus their prospectus, as well as the quality of the assets that make up the fund.

The market risk concept grades how sensitive the fund’s portfolio is to interest and exchange rates modifications, market liquidity and in general, any modification to the principal economic or financial variables that may affect it.

Each Rating Agency has its own scale, but they all make use of the “homogenous scale” agreed by them to help the investor compare results. (Homogenous Rating Table).

Fitch México S.A. de C.V.
Ave. San Pedro 902 Norte
Col. Fuentes del Valle,

66220, Garza Garcia N.L.
Ph. (81) 8335-7179
Fax: (81) 8378-4406

HR Ratings de México, S.A. de C.V.
Paseo de los Tamarindos 400-B Piso 16

Bosques de las Lomas, C.P. 05210

Delegación Cuajimalpa

México DF

Ph. (5255) 1500-3130 
Fax (5255) 1500-3149

Website: http://www.hrratings.com

Moody’s de México S.A. de C.V.
Institución Calificadora de Valores
Paseo de las Palmas Nº 405 int. 502
Col. Lomas de Chapultepec
11000, México DF
Ph. 1253-5700
Fax: 1253-5714

Website: www.moodys.com.mx y www.moodys.com

Standard & Poor's, S.A. de C.V.
Edificio "Punta Santa Fe"
Prolongación Paseo de la Reforma Nº 1015
Torre "A", Piso 15
Col. Santa Fe,

01376, México D.F.
Ph. (5255) 5081-4400
Fax: (5255) 5081-4401