Regulatory Alerts2024-05-22 | DOF 5727971Added
Agreement Announcing the Update of Annexes A through K of the General Provisions Establishing the Investment Regime for SIEFOREs
The National Retirement Savings System Commission updates Annexes A through K of the General Provisions governing the investment regime for Specialized Investment Companies for Retirement Funds (SIEFOREs) to remove credit ratings issued by DBRS México following its liquidation. The amendments replace references to DBRS México with equivalent ratings from HR Ratings de México and other authorized agencies, ensuring that minimum credit quality requirements for debt instruments acquired by SIEFOREs remain defined. These updates, approved by the Risk Analysis Committee, take effect the day after publication in the Official Journal of the Federation and impose no compliance costs on private parties.
If the document is presented incomplete on the right margin, it is because it contains tables that exceed the default width. If this is the case, click here to view it correctly.
DOF: 22/05/2024
AGREEMENT by which the update of Annexes "A", "B", "C", "D", "E", "F", "G", "H", "I", "J" and "K", of the General Provisions establishing the Investment Regime to which Specialized Investment Companies for Retirement Funds must be subject, published on May 31, 2019, with its modifications and additions published on May 6, 2021, June 21, 2022 and August 11, 2023, is made known.
At the margin a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of
Treasury and Public Credit.- National Commission for the Retirement Savings System.
AGREEMENT BY WHICH THE UPDATE OF ANNEXES "A", "B", "C",
"D", "E", "F", "G", "H", "I", "J" and "K", OF THE GENERAL PROVISIONS THAT
ESTABLISH THE INVESTMENT REGIME TO WHICH THE SPECIALIZED INVESTMENT COMPANIES OF
RETIREMENT FUNDS MUST BE SUBJECT, PUBLISHED IN THE OFFICIAL JOURNAL
OF THE FEDERATION ON MAY 31, 2019, WITH ITS MODIFICATIONS AND ADDITIONS
PUBLISHED ON MAY 6, 2021, JUNE 21, 2022 AND AUGUST 11, 2023.
The
President
of
the
National
Commission
for
the
Retirement
Savings
System,
based on
the
provisions
of
articles
5o.
fraction
II,
12
fractions
I,
VIII
and
XVI,
43,
paragraphs
third
and
fourth,
as
well
as
45
of
the
Law
of
the
Retirement
Savings
Systems;
2
fraction
III,
4,
third
and
fourth
paragraphs
and
8
first
paragraph
of
the
Internal
Regulation
of
the
National
Commission
for
the
Retirement
Savings
System;
the
Fourth
and
Sixth
provisions
of
the
General
provisions
that
establish
the
investment
regime
to
which
the
specialized
investment
companies
for
retirement
funds
must
be
subject,
published
in
the
Official
Journal
of
the
Federation
on
May
31,
2019,
with
its
modifications
and
additions
published
on
May
6,
2021,
and
June
21,
2022
and
August
11,
CONSIDERING
That
the
General
provisions
that
establish
the
investment
regime
to
which
the
specialized
investment
companies
for
retirement
funds
must
be
subject,
published
in
the
Official
Journal
of
the
Federation
on
May
31,
2019,
with
its
modifications
and
additions
published
on
May
6,
2021,
June
21,
2022
and
August
11,
2023,
establish
the
credit
rating
scales
of
each
of
the
authorized
crating
agencies
allowed
to
operate
with
such
character
by
the
National
Banking
and
Securities
Commission
in
its
Annexes
"A",
"B",
"C",
"D",
"E",
"F",
"G",
"H",
"I",
"J"
and
"K";
That
on
March
12,
2024,
Morningstar
confirmed
that
DBRS
México
has
been
liquidated
and
that
all
existing
ratings
previously
made
in
Mexico
by
DBRS
have
been
eliminated
and
that
all
activity
related
to
local
ratings
in
Mexico
has
been
referred
to
HR
Ratings;
That
because
DBRS
México
suspended
operations
in
Mexico
and
its
authorization
as
a
rating
institution
before
the
CNBV
became
void,
the
modification
of
Annexes
"A",
"B",
"C",
"D",
"E",
"F",
"G",
"H",
"I",
"J"
and
"K"
of
said
Provisions
is
proposed,
which
are
related
to
the
minimum
ratings
required
for
debt
instruments
acquired
by
SIEFOREs,
to
eliminate
the
ratings
of
DBRS
México;
That
in
accordance
with
the
provisions
of
article
45
of
the
Law
of
the
Retirement
Savings
Systems,
as
well
as
the
fourth
and
sixth
provisions
of
the
General
provisions
that
establish
the
investment
regime
to
which
the
specialized
investment
companies
for
retirement
funds
must
be
subject,
published
in
the
Official
Journal
of
the
Federation
on
May
31,
2019,
with
its
modifications
and
additions
published
on
May
6,
2021,
June
21,
2022
and
August
11,
2023,
the
Risk
Analysis
Committee
through
agreement
CAR/51/01/2024,
approved
the
Modifications
to
Annexes
A,
B,
C,
D,
E,
F,
G,
H,
I,
J
and
K
of
the
General
provisions
that
establish
the
investment
regime
to
which
the
specialized
investment
companies
for
retirement
funds
must
be
subject,
and
That
in
terms
of
article
71
fourth
paragraph
of
the
General
Law
for
Regulatory
Improvement,
and
in
accordance
with
what
determined
by
the
National
Commission
for
Regulatory
Improvement
through
office
CONAMER/24/2143
of
date
May
13,
2024,
these
updates
do
not
imply
compliance
costs
for
private
parties,
it
has
been
considered
appropriate
to
issue
the
following:
AGREEMENT
BY
WHICH
THE
UPDATE
OF
ANNEXES
"A", "B", "C", "D", "E", "F", "G", "H", "I", "J"
and
"K",
OF
THE
GENERAL
PROVISIONS
THAT
ESTABLISH
THE
INVESTMENT
REGIME
TO
WHICH
THE
SPECIALIZED
INVESTMENT
COMPANIES
OF
RETIREMENT
FUNDS
MUST
BE
SUBJECT,
PUBLISHED
IN
THE
OFFICIAL
JOURNAL
OF
THE
FEDERATION
ON
MAY
31,
2019,
WITH
ITS
MODIFICATIONS
AND
ADDITIONS
PUBLISHED
ON
MAY
6,
2021,
JUNE
21,
2022
AND
AUGUST
11,
SOLE.-
The
update
of
Annexes
"A", "B", "C", "D", "E", "F", "G", "H", "I", "J"
and
"K",
of
the
General
provisions
that
establish
the
investment
regime
to
which
the
specialized
investment
companies
for
retirement
funds
must
be
subject,
published
in
the
Official
Journal
of
the
Federation
on
May
31,
2019,
with
its
modifications
and
additions
published
on
May
6,
2021,
June
21,
2022
and
August
11,
2023,
is
made
known,
to
remain
in
the
terms
of
Annexes
"A", "B", "C", "D", "E", "F", "G", "H", "I", "J"
and
"K",
of
the
present
Agreement.
TRANSITORY
PROVISIONS
FIRST.-
This
Agreement
shall
take
effect
on
the
day
following
its
publication
in
the
Official
Journal
of
the
Federation.
SECOND.-
Annexes
"A", "B", "C", "D",
and
"E", "F", "G", "H", "I", "J"
and
"K",
of
the
General
provisions
that
establish
the
investment
regime
to
which
the
specialized
investment
companies
for
retirement
funds
must
be
subject,
published
in
the
Official
Journal
of
the
Federation
on
May
31,
2019,
with
its
modifications
and
additions
published
on
May
6,
2021,
June
21,
2022
and
August
11,
2023,
are
repealed.
Mexico City, May 16, 2024.- The President of the National Commission for the Retirement Savings System, Master Julio César Cervantes Parra.- Signature.
ANNEX
A 1
Ratings for Instruments denominated in National Currency and Investment Units,
Debt Instruments denominated in Foreign Currencies placed in national markets,
as well as for
National Counterparties.
Short-Term Issues
(Maturity
up to
one year)
FITCH MEXICO
MOODY'S Local México
VERUM
F1+(mex)
ML A-1.mx
1+/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxA-1+
HR+1
Medium and Long-Term Issues
(Maturity
greater than
one year)
FITCH MEXICO
MOODY'S Local México
VERUM
AAA(mex)
AAA.mx
AAA/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxAAA
HR AAA
1
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
ANNEX
B 2
Ratings for Instruments denominated in National Currency and Investment Units,
Debt Instruments denominated in Foreign Currencies placed in national markets,
as well as for
National Counterparties.
Short-Term Issues
(Maturity
up to
one year)
FITCH MEXICO
MOODY'S Local México
VERUM
F1(mex)
ML A-2.mx
1/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxA-1
HR1
Medium and Long-Term Issues
(Maturity
greater than
one year)
FITCH MEXICO
MOODY'S Local México
VERUM
AA+(mex) / AA(mex) / AA-(mex)
AA+.mx / AA.mx / AA-.mx
AA+/M / AA/M / AA-/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxAA+ / mxAA / mxAA-
HR AA+ / HR AA / HR AA-
2
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
ANNEX
C 3
Ratings
for
Instruments
denominated
in
National
Currency
and
Investment
Units,
Debt
Instruments
denominated
in
Foreign
Currencies
placed
in
national
markets,
as
well
as
for
National
Counterparties.
Short-Term Issues
(Maturity
up to
one year)
FITCH MEXICO
MOODY'S Local México
VERUM
F2(mex)
ML A-3.mx
2/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxA-2
HR2
Medium and Long-Term Issues
(Maturity
greater than
one year)
FITCH MEXICO
MOODY'S Local México
VERUM
A+(mex)
A+.mx
A+/M
A(mex)
A.mx
A/M
A-(mex)
A-.mx
A-/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxA+
HR A+
mxA
HR A
mxA-
HR A-
3
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
ANNEX
D 4
Ratings for Instruments denominated in National Currency and Investment Units,
Debt Instruments denominated in Foreign Currencies placed in national markets,
as well as for
National Counterparties.
Short-Term Issues
(Maturity
up to
one year)
FITCH MEXICO
MOODY'S Local México
VERUM
F3(mex)
No aplica
3/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxA-3
HR3
Medium and Long-Term Issues
(Maturity
greater than
one year)
FITCH MEXICO
MOODY'S Local México
VERUM
BBB+(mex)
BBB+.mx
BBB+/M
BBB(mex)
BBB.mx
BBB/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxBBB+
HR BBB+
mxBBB
HR BBB
4
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
ANNEX E 5
Ratings for Subordinated Obligations denominated in
National Currency and Investment
Units. 6
Short-Term Issues
(Maturity
up to
one year)
FITCH MEXICO
MOODY'S Local México
VERUM
F3(mex)
ML A-3.mx
3/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxA-3
HR3
Medium and Long-Term Issues (Maturity greater than one year)
FITCH MEXICO
MOODY'S Local Mx
VERUM
BBB-(mex)
BBB-.mx
BBB-/M
BB+(mex)
BB+.mx
BB+/M
STANDARD & POOR'S
HR RATINGS DE MEXICO
mxBBB-
HR BBB-
mxBB+
HR BB+
5
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
6
Subordinated obligations to those defined in fraction XLIX, subsections c), d) and e) of the Second provision of these provisions.
ANNEX
F 7
Ratings for Instruments denominated in Foreign Currencies.
Short-term issues
(Maturity
up to
one year)
MOODY'S
FITCH IBCA
P-1
F1+ / F1
P-2
F2
STANDARD & POOR'S
HR RATINGS DE MEXICO
A-1+ /A-1
HR + 1(G)/ HR1(G)
A-2
HR2(G)
Medium and long-term issues
(Maturity
greater than
one year)
MOODY'S
FITCH IBCA
Aaa
AAA
Aa1/ Aa2 / Aa3
AA+/ AA / AA-
A1/ A2 / A3
A+/ A/ A-
Baa1
BBB+
STANDARD & POOR'S
HR RATINGS DE MEXICO
AAA
HR AAA(G)
AA+/ AA/ AA-
HR AA+(G)/ HR AA(G)/ HR AA-(G)
A+/ A /A-
HR A+(G)/ HR A(G)/ HR A-(G)
BBB+
HR BBB+(G)
7
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the credit rating agencies that issues an opinion on this respect on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
ANNEX
G 8
Ratings
for
Instruments
denominated
in
Foreign
Currencies.
Short-term issues
(Maturity
up to
one year)
MOODY'S
FITCH IBCA
P-3
F3
STANDARD & POOR'S
HR RATINGS DE MEXICO
A-3
HR3(G)
Medium and long-term issues
(Maturity
greater than
one year)
MOODY'S
FITCH IBCA
Baa2/ Baa3
BBB/ BBB-
STANDARD & POOR'S
HR RATINGS DE MEXICO
BBB/ BBB-
HR BBB (G)/ HR BBB-(G)
8
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the credit rating agencies that issues an opinion on this respect on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
ANNEX
H 9
Ratings
for
Instruments
denominated
in
Foreign
Currencies.
Medium and long-term issues
(Maturity
greater than
one year)
MOODY'S
FITCH IBCA
Ba1/ Ba2
BB+/ BB
STANDARD & POOR'S
HR RATINGS DE MEXICO
BB+/ BB
HR BB+ (G)/ HR BB(G)
9
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the credit rating agencies that issues an opinion on this respect on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
ANNEX
I 10
Ratings
for
Subordinated
Obligations
denominated
in
Foreign
Currencies. 11
Short-term issues
(Maturity
up to
one year)
MOODY'S
FITCH IBCA
P-3
F3
STANDARD & POOR'S
HR RATINGS DE MEXICO
A-3
HR3(G)
Medium and long-term issues
(Maturity
greater than
one year)
MOODY'S
FITCH IBCA
Ba3/ B1
BB-/ B+
STANDARD & POOR'S
HR RATINGS DE MEXICO
BB-/ B+
HR BB-(G)/ HR B+(G)
10
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the credit rating agencies that issues an opinion on this respect on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
11
Subordinated obligations to those defined in fraction XLIX, subsections c), d) and e) of the Second provision of these provisions.
ANNEX
J 12
Ratings for Foreign Securities and for Foreign Counterparties.
Short-term issues
(Maturity
up to
one year)
MOODY'S
FITCH IBCA
P-1
F1+/F1
P-2
F2
STANDARD & POOR'S
HR RATINGS DE MEXICO
A-1+/A-1
HR+1(G)/ HR1(G)
A-2
HR2(G)
Medium and long-term issues
(Maturity
greater than
one year)
MOODY'S
FITCH IBCA
Aaa
AAA
Aa1/ Aa2/ Aa3
AA+/ AA/ AA-
A1/ A2 /A3
A+/ A/ A-
STANDARD & POOR'S
HR RATINGS DE MEXICO
AAA
HR AAA(G)
AA+/ AA/ AA-
HR AA+ (G)/ HR AA(G)/ HR AA-(G)
A+/ A/ A-
HR A+(G)/ HR A(G)/ HR A-(G)
1²
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the credit rating agencies that issues an opinion on this respect on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
ANNEX
K 13
Ratings for Foreign Securities and for Foreign Counterparties
Short-term issues
(Maturity
up to
one year)
MOODY'S
FITCH IBCA
P-3
F3
STANDARD & POOR'S
HR RATINGS DE MEXICO
A-3
HR3(G)
Medium and long-term issues
(Maturity
greater than
one year)
MOODY'S
FITCH IBCA
Baa1 / Baa2 / Baa3
BBB+ / BBB / BBB-
STANDARD & POOR'S
HR RATINGS DE MEXICO
BBB+ / BBB / BBB-
HR BBB+(G) / HR BBB(G) / HR BBB-(G)
1³
To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the credit rating agencies that issues an opinion on this respect on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.
In the document you are viewing, there may be text, characters or objects that are not displayed correctly due to the conversion to HTML format, so we recommend always taking the digitized image of the DOF or the PDF file of the edition as a reference. The content, form and scope of the published documents are the strict responsibility of their issuer.
CONSULT
BY DATE
Do
Lu
Ma
Mi
Ju
Vi
Sá
INDICATORS
Exchange Rate and Rates as of 25/08/2026
DOLLAR
16.9647 UDIS
8.807141 CCP
6.12% CCP-UDIS
4.72% CPP
5.09% TIIE 28 DAYS
6.7559% TIIE 91 DAYS
6.7931% TIIE 182 DAYS
6.8474% TIIE DE FONDEO
6.50%
See more
SURVEYS
Did you like the new look of the Official Journal of the Federation website?
No
Yes
Official Journal of the Federation
Río Amazonas No. 62, Col. Cuauhtémoc, C.P. 06500, Mexico City Tel. (55) 5093-3200, where you can access our menu of services
Electronic address: dof.gob.mx
111
LEGAL NOTICE | SOME RIGHTS RESERVED © 2026
More like this from SHCP
SHCP published 15 documents in the last 30 days. We email you each new one the day it's published.