HR Ratings de Mexico S.A de C.V is a Mexico based CRA operating under the issuer-pays model and covering all market segments in Mexico. HR Ratings is registered in the US and certified in the EU.  

Registration status in the EU: HR Ratings is certified with ESMA since November 7^th, 2014.

HR Ratings is also a recognized ECAI across the whole European Union. The mapping of ratings to the 6 Credit Quality Steps under the Standardized approach for Banks and the 7 Steps under Solvency II is currently on-going.

Registration outside of the EU: HR Ratings is authorized as CRA since March 27^th, 2007 by the (Mexican) National Banking and Securities Commission (CNBV). HR Ratings is an ECAI in Mexico.

HR Ratings is registered with the US SEC as an NRSRO since November 5^th, 2012, this status being applicable only to its Sub-sovereign ratings. 

Business model: HR Ratings operates under the issuer-pays model.  

Coverage: HR Ratings covers Sub-Sovereign ratings, banks, investment companies, non-financial corporate,  future flow transactions and project finance in Mexico.

Availability of ratings and reports at website: ratings are disclosed at HR Ratings website. Rating reports (in Spanish) are available (including historic reports)