After getting stuck in Mexico's debt pipeline, a Deutsche Bank-led deal backed by bridge loans for construction may come out this month in revamped form, according to sources familiar with the bond. "This could price as early as mid -September," one of the sources said. Backed with assets originated by Hipotecaria Su Casita, a senior tranche of the deal is being planned at Ps600 million (US$60.2 million) from an originally targeted Ps400 million (US$40.1 million), one source said.

Understood to have been tweaked in order to garner top-notch ratings, the deal has secured a Aaa' rating on the national scale from Moody's Investors Service. To alleviate investor discomfort with the bond in its initial form, the deal is being rated by all three agencies in Mexico. Fitch Ratings is heard giving the deal its second triple A'; Standard & Poor's is expected to issue its decision this week.

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