Moody's affirms Desarrolladora Homex

Moody's Investors Service said it affirmed Desarrolladora Homex's national scale issuer rating at A3.mx and global scale local currency issuer rating at Ba3.

Moody's also affirmed Homex's commercial paper program ratings of MX-2 on the national scale and not prime on the global local currency scale. The outlook remains stable.

Moody's said this rating affirmation is a result of the company's announcement that it agreed to acquire Controladora Casas Beta, SA de CV for Mexican pesos $2.15 billion.

Beta has land reserves equal to three years of current sales, consistent with Homex's land reserves policy, according to Moody's.

As a result of the acquisition, Homex will be the largest housing developer in Mexico with access to important markets such as Mexico City, Monterrey and Tijuana and will increase Homex's land reserves.

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