Urbi Desarrollos Urbanos S.A.B. de C.V. http://www.alacrastore.com/company-snapshot/Urbi_Desarrollos_Urbanos_S_A_B_de_C_V-2541944 Friday, January 09, 2009 3:22:26 AM 2541944 Urbi Desarrollos Urbanos S.A.B. de C.V. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/bir/1320440bir/1320440normUrbi Desarrollos Urbanos S.A. de C.V.MexicoManufacturing: Manufactures home.24523219929GJURBI11/20/2008 6:20:00 AM1320440Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/684202spcred/684202normThe latest Summary from S&Pglobalstructured11/19/2008 10:58:41 AM175Summary684202MexicoHomebuildingEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesHomebuildersSummaryThe ratings on Urbi Desarrollos Urbanos S.A.B. de C.V. are limited by the company's aggressive financial policy, accounting practices, and marketing strategies, the latter particularly in its rent-to-own program. The ratings also reflect an increase in the use of debt to fund higher working capital needs to support the company's growth plans, increasing competition, the concentration of mortgage originations in Infonavit, and the degree of political risk inherent to Infonavit. These factors are somewhat offset by Urbi's operating efficiency and flexibility, high EBITDA margins, position as one of the largest homebuilders in Mexico, and leadership in the northern Mexican states. Urbi's aggressive financial policy and accounting practices are demonstrated by the restatement of its interim financial statements in the past,MEX91724R25201030 252010 2520 25Urbi Desarrollos Urbanos, S. A. B. de C. V.340277EMERGINGLATAMERICAURBI*@MMSUMMARYGLOBISSSTRUCCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/684201spcred/684201normThe latest Full Report from S&Pglobalstructured11/19/2008 10:58:00 AM400Full Report684201MexicoHomebuildingEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesHomebuildersFull ReportLeading market position in metropolitan areas and northern Mexican cities Operating efficiency and flexibility Adequate liquidity and EBITDA margins Aggressive financial policy, accounting practices, and marketing strategies Aggressive growth plans in a highly competitive environment High working capital requirements for project development The ratings on Urbi Desarrollos Urbanos S.A.B. de C.V. are limited by the company's aggressive financial policy, accounting practices, and marketing strategies, the latter particularly in its rent-to-own program. The ratings also reflect an increase in the use of debt to fund higher working capital needs to support the company's growth plans, increasing competition, the concentration of mortgage originations in Infonavit, and the degree of political risk inherent to Infonavit. These factors are somewhat offset by Urbi's operatingMEX91724R25201030 252010 2520 25Urbi Desarrollos Urbanos, S. A. B. de C. V.340277EMERGINGLATAMERICAURBI*@MMFULLGLOBISSSTRUCCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/683305spcred/683305normThe latest Research Update from S&Pglobalstructured11/13/2008 8:59:02 PM175Research Update683305MexicoHomebuildingEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesHomebuildersResearch UpdateOn Nov. 12, 2008, Standard&Poor's Ratings Services affirmed its ratings, including the 'BB-' global scale and 'mxA-' national scale long-term corporate credit ratings, on URBI Desarrollos Urbanos S.A.B. de C.V. (Urbi). The outlook is stable. The ratings on Urbi are limited by the company's aggressive financial policy, accounting practices, and marketing strategies, the latter particularly in its rent-to-own program. The ratings also reflect an increase in the use of debt to fund higher working capital needs to support the company's growth plans, increasing competition, the concentration of mortgage originations in Infonavit, and the degree of political risk inherent to Infonavit. These factors are somewhat offset by Urbi's operating efficiency and flexibility, high EBITDA margins, position as one ofMEX91724R25201030 252010 2520 25Urbi Desarrollos Urbanos, S. A. B. de C. V.340277EMERGINGLATAMERICAURBI*@MMRESUPDGLOBISSSTRUCCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/683304spcred/683304normThe latest News from S&Pstructuredglobal11/13/2008 8:59:00 PM100News683304MexicoHomebuildingEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesHomebuildersNewsMEXICO CITY (Standard&Poor's) Nov. 14, 2008--Standard&Poor's Ratings Services said today that it affirmed its ratings, including the 'BB-' global scale and 'mxA-' national scale long-term corporate credit ratings, on URBI Desarrollos Urbanos S.A.B. de C.V. (Urbi). The outlook is stable. "The ratings on Urbi are limited by the company's aggressive financial policy, accounting practices, and marketing strategies, the latter particularly in its rent-to-own program," said Standard&Poor's credit analyst Laura Martinez. The ratings also reflect an increase in the use of debt to fund higher working capital needs to support the company's growth plans, increasing competition, the concentration of mortgage originations in Infonavit, and the degree of political risk inherent to Invonavit. These factors areMEX91724R25201030 252010 2520 25Urbi Desarrollos Urbanos, S. A. B. de C. V.340277EMERGINGLATAMERICAURBI*@MMNEWSGLOBISSSTRUCCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/411344_report_framefitch/411344_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Urbi Desarrollos Urbanos S.A.B. de C.V.8064064710/23/2008 6:29:00 PM01032400165Credit UpdateURBI411344_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/439841_pr_framefitch/439841_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Urbi Desarrollos Urbanos S.A.B. de C.V.806406479/30/2008 10:16:00 AM0103240085Press ReleaseURBI439841_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/439836_pr_framefitch/439836_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Urbi Desarrollos Urbanos S.A.B. de C.V.806406479/29/2008 6:31:47 PM0103240085Press ReleaseURBI439836_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/COP_809313633moodys/COP_809313633htmlGlobal Credit Research Credit Opinion # SEP #### Credit Opinion: URBI, Desarrollos Urbanos, S.A. de C.V. URBI, Desarrollos Urbanos, S.A. de C.V. Mexico Ratings Category Moody's Rating Outlook Stable Corporate Family Rating -Dom Curr...9/10/2008 12:31:50 AMhtmlURBI, Desarrollos Urbanos, S.A. de C.V.URBI, Desarrollos Urbanos, S.A. de C.V.809313633150.0000NewsCredit OpinionCOP_809313633Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/415924_pr_framefitch/415924_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Americana de Reaseguros C.A.Banco Bilbao Vizcaya Argentaria S.A.Companhia de Concessoes RodoviariasCoppel, S.A. de C.V.Desarrollo Firme de Negocios SAEstado Libre y Soberano de MexicoFarmacias Ahumada S.A.GMAC Compania Financiera S.A.GMAC Hipotecaria, S.A. de C.V. S.F.O.L.Gmac Mexicana, S.A. de C.V.Transportadora de Gas del Norte S.A.Urbi Desarrollos Urbanos S.A. de C.V.Zapotlan, Jal8036067080360974803609858046410080525197805252818061446780625069806406478100603681694506817309608223870082238733823965028343583183436099846420728467607585655673857084738589107386593241865932424/3/2008 2:15:00 PM0101000001010100010103000102030001030000010303000103080001032400030400000600000085Press ReleaseBBVACCRO3FASATGNO1URBI415924_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/415523_pr_framefitch/415523_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Urbi Desarrollos Urbanos S.A. de C.V.806406473/29/2008 10:18:00 AM0103240085Press ReleaseURBI415523_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/415521_pr_framefitch/415521_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Urbi Desarrollos Urbanos S.A. de C.V.806406473/28/2008 6:31:00 PM0103240085Press ReleaseURBI415521_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/639440spcred/639440normThe latest Summary from S&P3/27/2008 6:33:36 PMSummary175globalstructured639440MexicoHomebuildingEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesHomebuildersSummaryStandard&Poor's Ratings Services' ratings on Urbi Desarrollos Urbanos S.A.B. de C.V. are limited by the company's aggressive financial policy, accounting practices, and marketing strategies. The ratings also reflect an increase in the use of debt to fund higher working-capital needs to support its growth plans; increasing competition; the concentration of mortgage origination in Infonavit; and a degree of political risk inherent to this institution. These factors are somewhat offset by Urbi's operating efficiency and flexibility, high EBITDA margins, the company's position as one of the largest homebuilders in Mexico, and its leadership in the northern Mexican states. Urbi's aggressive financial policy and accounting practices are demonstrated by the restatement of its 2006 interim financial statements, a higher useMEX91724R25201030 252010 2520 25Urbi Desarrollos Urbanos, S. A. B. de C. V.340277EMERGINGLATAMERICAURBI*@MMSUMMARYGLOBISSSTRUCCORPRECHomebuildersCredit & Investment ResearchS&P Credit Research