S&P lowers Hipotecaria ranking

Standard & Poor's said it lowered the rankings on Hipotecaria Su Casita SA de CV Sofom ENR (D/mxD) to below average from average as a construction loan and residential mortgage servicer.

S&P removed these rankings from CreditWatch with negative implications, where they were placed on Oct. 5, 2010.

The outlook for both rankings is now negative.

S&P lowered the subrankings for loan administration and management and organization to below average from average.

The lowered rankings reflect that there has been observable deterioration of Su Casita's servicing capabilities due to the company's delicate financial position since mid-2010, the agency said.

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