Source Issuer Rating
AA_DE Debeka Lebensve.. A
AA_DE Allianz Private.. A+
AA_DE Debeka Allgemei.. A++
JCRER - 2018-03-15
JCR Eurasia Rating has affirmed the credit ratings of Ak Faktoring A.Ş. and “Cash Flows arising from Bond Issuances” as ‘BBB+ (Trk)’ on the Long Term National Scale and A-2 (Trk) on the Short Term Nat

JCRER - 2017-09-29
JCR Eurasia Rating has reaffirmed the credit ratings of the consolidated structure of “Boyner Perakende ve Tekstil Yatırımları Anonim Şirketi and its Subsidiary “and “Cash Flows Relating to the Outsta

JCRER - 2017-09-29
JCR Eurasia Rating has reviewed and affirmed the credit ratings of T.C. Ziraat Bankası A.Ş. and its Consolidated Structure as ‘AAA (Trk)’ on the Long Term National scale and ‘BBB-‘ on the Long Term In


Legal framework on CRAs in Mexico

The Comision Nacional Bancaria y de Valores (“CNBV”) is the Mexican Supervisor of “calificadoras de valores”. CNBV introduced regulation on CRAs in February 2012, which were amended 2 times already (in April 2013 and July 2014). The regulation imposes transparency requirements on CRAs in the annual form (Annex 2). These annual reports a.o. contain information on rated entities and statistics on personnel (detailing which activities were carried out).

Currently, the following agencies are registered with CNBV:

-        Fitch México, S.A. de C.V.

-        HR Ratings de México, S.A. de C.V.

-        Moody´s de México, S.A. de C.V.

-        Standard & Poor´s, S.A. de C.V. 

-        Verum Calificadora de Valores, S.A.P.I. de C.V.

Relations with EU law

In April 2012, the European Securities and Markets Authority (“ESMA”) announced that it considers the regulatory framework for CRAs to be in line the EU rules. Since then, ratings issued by global CRAs in Mexico can be endorsed by the EU registered agencies.

In April 2014, the European Commission adopted the decision on the recognition of the legal and supervisory framework of Brazil as equivalent to the requirement of the EU Regulation on CRAs. Since then, CRAs registered with Mexico can get certified with ESMA – in November 2014, HR Ratings de Mexico was the first agency certified in Europe.


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