Moody's gives Desarrolladora Homex notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Desarrolladora Homex, SA de CV's proposed $200 million senior notes and also affirmed Homex's national-scale issuer rating at A3(mx), global-scale local currency issuer rating at Ba3, commercial paper program rating of MX-2 on the national scale and Not Prime on the global local currency scale.

The outlook was revised to positive from stable.

The positive rating outlook reflects Moody's expectation that the full integration of the Casas Beta acquisition will progress well, that the restructuring of Homex's debt profile will proceed as planned and that the company will continue to improve its credit metrics and its industry leadership in the homebuilding sector, the agency noted.

These positive rating factors are offset by several factors, including the homebuilding business relies on the Mexican economic and political environment and the government's support, Moody's said, adding it acknowledges Homex has managed to profitably grow and diversify its business products.

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