The first cross-border mortgage-backed securities transaction from Panama, a $149.1 million deal, has been rated by Moody's Investors Service.Moody's assigned its top Aaa global rating to variable-rate certificates issued through the Delaware-based grantor trust portion of the deal, La Hipotecaria Panamanian Mortgage Trust 2007-1. The rating agency also assigned its lower Baa2 global rating to variable-rate notes issued through a Panama-based issuer trust, Octavo Fideicomiso do Bonos de Prestamos Hipotecarios, that is part of the transaction. The grantor trust certificates are secured by ownership of the issuer trust notes and an irrevocable financial guaranty insurance policy provided by XL Capital Assurance Inc. The issuer trust notes are backed by a pool of dollar-denominated mortgages originated by La Hipotecaria S.A. in Panama. Moody's can be found online at http://www.moodys.com.

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