RATINGS RATIONALE

The unsecured debt program will have a maturity of five years and the issuance of up to $500 million Mexican pesos will have a maturity of three years. Both rank pari passu with other unsecured debt and will have a guarantee from Proyectos Inmobiliarios de Culiacán, S.A. de C.V. ("PICSA") and Desarrolladora de Casas del Noroeste, S.A. de C.V. ("DECANO"), and jointly with PICSA. Proceeds from the issuance of up to $500 million Mexican pesos will be used to refinance existing debt, much of it short-term.

Moody's current ratings continue to reflect Desarrolladora Homex's position as one of the top five homebuilders in Mexico in terms of housing units sold, as well as its conservative capital structure and sound profitability and liquidity. Challenges still include the high costs of land and infrastructure in Homex's markets, and some speculative homebuilding by Homex and its competitors. Moody's notes that although the penitentiary projects add diversity it is still a new business with inherent construction and managing risks. Furthermore, the long-term viability of Homex's Brazilian homebuilding platform is as of yet unproven with few homes titled due to inherent administrative constraints in the collection process, although the demographics and financing availability are similar to those in Mexico.

The stable rating outlook is based on Moody's determination that Homex's sound management team executes strong internal controls, construction expertise and efficient methods. Moody's believes that Homex has strong franchise value, with a well-recognized brand and a valuable land reserve strategy. The stable outlook also reflects Moody's expectation that Homex will at least maintain its current credit metrics and continue to improve efficiencies in land development. Furthermore, Moody's also expects that Homex will continue to focus on targeting its current product mix, while maintaining high quality construction and its market leadership.

Moody's stated that rating improvements could result from bringing Total Debt/EBITDA closer to 1.5X, Total Debt/Total Assets under 15%, fixed charge coverage over 3.75X (including capitalized interest and with the adoption of NIC 23) on a consistent basis, while at a minimum maintaining EBITDA margins in the low to mid 20% range. Continued improvement in its industry leadership in the sector would also be a plus.

Downward rating pressure would result from substantial missteps in its strategic plan, which includes some international expansion and its tourist division, as well as total debt to total asset levels approaching 35% on a sustained basis, while EBITDA margins fall below 15% and fixed charge coverage falls consistently below 2.0X (including capitalized interest and with the adoption of NIC 23). Increased costs of land and land development would also result in negative rating pressure, as would an adverse shift in governmental housing policy.

The following ratings were assigned with a stable outlook:

Desarrolladora Homex, S.A.B. de C.V. -- senior unsecured debt program for up to $2 Billion Mexican Pesos at A3.mx national scale, (P)Ba3 global scale local currency

Desarrolladora Homex, S.A.B. de C.V. -- senior unsecured notes of up to $500 Million Mexican Pesos at A3.mx national scale, Ba3 global scale local currency

The last rating action with respect to Homex was on January 30, 2012 when Moody's assigned a (P)Ba3 global scale foreign currency rating to Desarrolladora Homex, S.A.B. de C.V.'s proposed senior unsecured debt issuance of approximately US$300 million.

Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM; BMV: HOMEX] is based in Culiacan, Sinaloa, Mexico. The firm reported assets of approximately $52,125 million Mexican Pesos and equity of approximately $15,018 million Mexican Pesos as of September 30, 2012. Homex is a homebuilder engaged in the development, construction, marketing and sale of mostly affordable housing in Mexico.

The principal methodology used in this rating was the Global Homebuilding Industry, published in March 2009. Please see the Credit Policy page on www.moodys.com.mx for a copy of this methodology.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.mx.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.

DISCLOSURE TO RATED ENTITY

The rating has been disclosed to the rated entity prior to public dissemination.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

In compliance with regulatory requirements, Moody's de Mexico has been informed that during the two-month period prior to the execution of the rating agreement governing this rating assignment, HR Ratings has assigned a rating of HR A- on the same securities referred to in this press release.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.mx for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Philip Kibel Senior Vice President Commercial Real Estate Finance Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Nick Levidy MD - Structured Finance Commercial Real Estate Finance JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's de Mexico S.A. de C.V Ave.Paseo de las Palmas No. 405 - 502 Col. Lomas de Chapultepec Mexico, DF 11000 Mexico JOURNALISTS: 001-888-779-5833 SUBSCRIBERS:52-55-1253-5700(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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