Norm Reforming Article 12 of the Standard on Deposit and Financial Investment Limits for General Warehouses

Page 1 of 3 RESOLUTION CDMF-VII-4-25 Dated March 5, 2025 STANDARD REFORMING ARTICLE 12 OF THE STANDARD ON DEPOSIT AND FINANCIAL INVESTMENT LIMITS FOR GENERAL WAREHOUSES

The Monetary and Financial Board,

CONSIDERING

I That on July 6, 2011, the "Standard on Deposit and Financial Investment Limits for General Warehouses" was approved, contained in Resolution No. CD-SIBOIF-683-2-JUL6-2011, published in La Gaceta, Official Gazette, No. 171 on September 9, 2011.

II That Article 156 of Law No. 1232, "Law on the Administration of the Monetary and Financial System" (hereinafter, Law No. 1232), published in La Gaceta, Official Gazette No. 241, on December 30, 2024, establishes that "...all those faculties, competencies, powers, attributions, and duties established in other laws, prior to the effective date of this Law, attributed to the Board of Directors of the Central Bank and the Board of Directors of the Superintendency of Banks..." are transferred to the Monetary and Financial Board.

III That Article 17, subsection C, numeral 9, of the aforementioned Law No. 1232, establishes that it is a faculty of the Monetary and Financial Board: "To approve standards related to the investments and deposits of institutions in the country and abroad."

IV That it is necessary to reform Article 12 of the standard referred to in the first consideration of this resolution, in order to update the table of risk rating categories, adapting it to the methodological changes made by rating agencies.

In exercise of its faculties,

HAS ISSUED,

The following,

STANDARD REFORMING ARTICLE 12 OF THE STANDARD ON DEPOSIT AND FINANCIAL INVESTMENT LIMITS FOR GENERAL WAREHOUSES

Page 2 of 3 FIRST: Article 12 of the "Standard on Deposit and Financial Investment Limits for General Warehouses," contained in Resolution No. CD-SIBOIF-683-2-JUL6-2011, dated July 6, 2011, published in La Gaceta, Official Gazette, No. 171 on September 9, 2011, and its reforms, is hereby reformed, which shall read as follows:

"Art. 12. Rating Parameters.- For the purpose of determining local or international ratings, as well as sovereign risk, only the risk rating agencies and ranges established in the following table are considered:

Risk Rating Agency	Rating Categories
	Issuer Obligations
Fitch IBCA	Rating BBB- or higher
Moody's Investors Services	Rating Baa3 or higher
Standard & Poor's Corporation	Rating BBB- or higher
Dominion Bond Rating Services Limited	Rating BBB- or higher
Kroll Bond Rating Agency, Inc.	Rating BBB- or higher
Centroamerican Risk Rating Company, S.A. (Moody's Local)	Rating BBB- or higher
Pacific Credit Rating, S.A. de C.V.	Rating BBB or higher

The Superintendent may update the aforementioned table in case of new authorized risk rating societies registered in the registry kept by the Superintendency for these purposes, according to the corresponding investment grade ratings. Likewise, it may be updated when new internationally recognized risk rating agencies are determined, or in case these entities modify their risk rating nomenclature; which shall be reported to the Monetary and Financial Board prior to the notification made to financial institutions via circular.

For the purposes of this standard, in the case of more than one risk rating existing, the lower rating shall apply.

Page 3 of 3 The current rating shall be the one available on the website of the respective rating agency. For these purposes, the rating must be publicly available on the website of the respective rating agency, as well as on the website of the rated financial institution, on a permanent basis."

SECOND: This standard shall enter into force upon notification by the Superintendency of Banks and Other Financial Institutions, without prejudice to its subsequent publication in La Gaceta, Official Gazette.

(f) legible, Ovidio Reyes R. President of the Board of Directors; (f) illegible, Luis Ángel Montenegro Espinoza, Vice President of the Board of Directors; (f) illegible, Bruno Gallardo, Minister of Finance, Proprietary Member; (f) illegible, Roberto Rivas, Non-executive Proprietary Member; (f) illegible, Hugo Ortega, Non-executive Proprietary Member. The undersigned Ruth Elizabeth Rojas Mercado, Secretary of the Monetary and Financial Board, certifies that it conforms to its original, with which it was duly compared.