Moody’s: A2/Aaa.mx to SGFP Mexico debt

Moody's de Mexico said it assigned a long-term global local currency senior debt rating of A2, with a stable outlook, to SGFP Mexico, S de RL de CV's issuance of certificados bursatiles (Sgmex 16D), authorized for an amount of up to $75 million and a term of two years.

At the same time, the agency assigned a long-term Mexican national scale senior debt rating of Aaa.mx to these notes.

Moody’s said the A2 and Aaa.mx debt ratings assigned to SGFP Mexico 's debt program reflect the full, irrevocable and unconditional guarantee of Societe Generale (deposits A2/senior unsecured A2 stable, BCA baa2).

The parental guarantee fully meets six out of nine Moody's core principles for credit substitution, as it: (a) Is irrevocable and unconditional; (b) promises full and timely payment of the underlying obligations; (c) covers payment – not merely collection; (d) the guarantor waives all defenses; (e) its term extends as long as the term of the underlying obligation; and (f) is enforceable against the guarantor, the agency said.

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