Moody's Investor Service has rated the first cross-border "take-out" deal, a U.S. dollar-denominated securitization of residential housing construction loans in Mexico.The transaction, Hipotecaria Su Casita Construction Loan Trust Variable Funding Notes, series 2005-1, consists of approximately $100 million of rated debt securities. Hipotecaria Su Casita originated the construction loans in the deal. Moody's gave the transaction its top rating of Aaa based on the strength of bond insurance provided by Ambac Assurance Corp. Moody's can be found on the Web at http://www.moodys.com.

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