In a transaction that may close as early as next week, the Mexican cigarette company, Cigarrera La Moderna SA de CV (CLM), has lit up the local market with an mxAAA rating from Standard & Poor's, the highest rating to hit the country's national scale to date.

The Ps2.1 billion (USD $216 million) deal features a passthrough-like structure in which Bancomer, the second largest Mexican bank, will sell three corporate loans from CLM to a master trust. BankBoston will act as the trustee. The trust will then issue Certificados de Participacin Ordinarios (CPOs), trust certificates to investors.

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