Mexico's IXE Casa de Bolsa is crafting a Ps800 million (US$72 million) securitization program backed by sugar inventories, said a source close to the deal.

The originator is Latin American Capital. Three nine-month issues will probably place off the program, which is heard receiving a rating of A1' short-term rating on the national scale by Standard & Poor's. Federal development bank Bancomext is providing a guarantee, the source said. Prior to this deal, sugar was an untouched asset in the Mexican securitization market.

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