Moody's ups NteBono, NorteFP

Moody's Investors Service said it upgraded the national-scale fund credit ratings of Mexican mutual funds, NteBono, SA de CV (NTE-FB1) and NorteFP, SA de C.V. (NTE-IB1) to Aaa.mx from Aa.mx.

Expressed in accordance with the homogeneous-scale mandated by the Mexican regulatory authority, the Comisión Nacional Bancaria y de Valores, ratings for the two funds were also upgraded to AAA from AA, the agency added.

"Moody's rating changes result from recent refinements to investment parameters for both funds. Specifically, revised portfolio guidelines focus on a more conservative asset allocation shift to higher credit quality Mexican government securities," said José Angel Montaño, a Moody's analyst.

"Each portfolio will also be oriented to longer dated investments."

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