Mexican builder GEO S.A. de C.V. is in the market with the country's first securitization of construction receivables. The P133 million ($14 million) is the first offering from a P450 million program managed by Nacional Financiera, S.N.C. (Nafin).

The deal was rated AA-plus by Fitch IBCA, AA by Duff & Phelps Credit Rating Co. and AA-minus by Standard & Poor's.

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