The complete rating action is as follows:

Issuer: HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, División Fiduciaria, acting solely as trustee.

-- MXMACFW 07-5U Class A, ratings downgraded to Caa2.mx (sf) from B1.mx (sf) (Mexican National Scale) and to Caa2 (sf) from B3 (sf) (Global Scale, Local Currency). The certificates' underlying ratings (reflecting the certificates' intrinsic credit quality absent the financial guarantee that MBIA Mexico provides) are Ca.mx (sf) and Ca (sf).

-- MXMACFW 07-3U Class A, ratings downgraded to Caa2.mx (sf) from B1.mx (sf) (Mexican National Scale) and to Caa2 (sf) from B3 (sf) (Global Scale, Local Currency). The certificates' underlying ratings (reflecting the certificates' intrinsic credit quality absent the financial guarantee that MBIA provides) are Caa3.mx (sf) and Caa3 (sf).

Issuer: The Bank of New York Mellon, S.A. Institución de Banca Múltiple, acting solely as trustee.

-- BRHCCB 07-2U Class A-2, ratings downgraded to Caa2.mx (sf) from B1.mx (sf) (Mexican National Scale) and to Caa2 (sf) from B3 (sf) (Global Scale, Local Currency). The certificates' underlying ratings (reflecting the certificates' intrinsic credit quality absent the financial guarantee that MBIA Mexico provides) are also Caa2.mx (sf) and Caa2 (sf).

RATINGS RATIONALE

The affected certificates benefit from a financial guaranty insurance policy issued by MBIA or MBIA Mexico that covers timely interest payment and ultimate principal payment by the legal final maturity date of the certificates. On November 19, 2012, Moody's downgraded MBIA and MBIA Mexico's insurance financial strength rating to Caa2 from B3 and MBIA Mexico's national scale insurance financial strength rating to Caa2.mx from B1.mx.

The certificates' current ratings are consistent with Moody's practice of rating insured securities at the higher of (1) the guarantor's insurance financial strength rating and (2) the underlying ratings, which reflect the intrinsic credit quality of the certificates in the absence of the guarantee, and based on Moody's modified approach to rating structured finance securities wrapped by financial guarantors. In the case of MXMACFW 07-5U Class A and MXMACFW 07-3U Class A, since MBIA's and MBIA Mexico's financial strength ratings are higher than the certificates' underlying ratings, the certificates' ratings are in line with MBIA's and MBIA Mexico's current ratings. In the case of BRHCCB 07-2U Class A-2, MBIA Mexico's financial strength ratings are the same as the certificates' underlying ratings; as a result, the certificates' ratings are in line with both MBIA Mexico's ratings and the certificates' underlying ratings.

Please note that today's rating action did not impact the ratings of the following Mexican RMBS certificates that also benefit from an MBIA or MBIA Mexico financial guarantee because their current ratings already reflect their underlying ratings, which are higher than MBIA's and MBIA Mexico's ratings:

-- BRHCCB 07U Class A-1, rated Aaa.mx (sf) and Baa1 (sf)

-- Hipotecaria Su Casita - Cross-border, Class A Insured Residential Mortgage Backed Floating Rate Notes, rated B3 (sf)

As part of evaluating the current security ratings, Moody's also reviewed the certificates' underlying ratings, which are as follows:

-- MXMACFW 07-5U Class A: Ca.mx (sf), Ca (sf)

-- MXMACFW07-3U Class A: Caa3.mx (sf), Caa3 (sf)

-- BRHCCB 07-2U Class A-2: Caa2.mx (sf), Caa2 (sf)

Regarding the variability of MXMACFW 07-5U Class A's and MXMACFW07-3U Class A's ratings, any downgrades in MBIA or MBIA Mexico's insurance financial strength rating of Caa2 would result in at least a one notch downgrade in the ratings of the affected certificates. Regarding the variability of BRHCCB 07-2U Class A-2, if Moody's were to instead assume a cumulative gross default of 70% as a percent of the current pool balance (instead of the 69% assumed currently), the underlying rating would likely experience at least a one notch downgrade.

With respect to the underlying ratings, the primary sources of assumption uncertainty are related to the macroeconomic environment, the timing of recovery of the Mexican economy and labor market, and the severity of loss assumption given the limited market data related to historical recoveries for REOs.

In issuing and monitoring this rating, Moody's de Mexico S.A. de C.V. considered the existence and extent of arrangements and mechanism, if any, to align the incentives of the originator, servicer, administrator and guarantor of the securities with those of its potential acquirers.

Credit ratings incorporate Moody's macroeconomic outlook and its implications on key variables that may include but not be limited to interest rates, inflation, economic growth, unemployment, performance of counterparties, credit availability, sector level changes in competitive conditions, supply/demand and margins, and issuer specific changes in capital structure, competitive positioning, governance, risk profile, and liquidity. Unexpected changes in such variables may lead to changes in the credit rating level, potentially by several notches. Further information on the sensitivity of the rating to specific assumptions is included in this disclosure.

Moody's considered the servicer's practices and considers them adequate.

RATING METHODOLOGY

The current ratings on the certificates are consistent with Moody's practice of rating insured securities at the higher of (1) the guarantor's insurance financial strength rating and (2) the underlying ratings, based on Moody's modified approach to rating structured finance securities wrapped by financial guarantors.

The principal methodology used in assessing the underlying ratings was "Moody's Approach to Monitoring Residential Mortgage-Backed Securitizations in Mexico" August, 2009. Please see the Credit Policy page on www.moodys.com.mx for a copy of this methodology.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

The date of the last Credit Rating Action was December 19, 2011.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.

The rating has been disclosed to the rated entity prior to public dissemination.

Information sources used to prepare the rating are the following: parties involved in the ratings, and public information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

In issuing this credit opinion, Moody's de Mexico S.A. de C.V. did not rely on ratings issued by any other credit rating agency over this issuer/security or any underlying securities.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.mx for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Karen Ramallo Vice President - Senior Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Maria Ines Muller Senior Vice President Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's de Mexico S.A. de C.V Ave.Paseo de las Palmas No. 405 - 502 Col. Lomas de Chapultepec Mexico, DF 11000 Mexico JOURNALISTS: 001-888-779-5833 SUBSCRIBERS:52-55-1253-5700(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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