Amendatory Resolution of the Resolution that modifies the General Provisions applicable to development organisms and development entities, published on January 16, 2023

DOF: 13/09/2023

AMENDATORY RESOLUTION of the Resolution that modifies the General Provisions applicable to development organisms and development entities, published on January 16, 2023

In the margin a seal with the National Shield, stating: United Mexican States.- TREASURY.- Secretariat of the Treasury and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of articles 98 Bis and 125, fifth paragraph of the Credit Institutions Law; 33, first paragraph of the Law of the Institute of the National Fund for Workers' Consumption; 66, first paragraph, sections II and IV of the Law of the Institute of the National Housing Fund for Workers; 190, second paragraph of the Law of the Institute of Security and Social Services for State Workers, as well as 4, sections II, III, IV, V, XXXVI and XXXVIII, and 16, section I of the Law of the National Banking and Securities Commission, and

WHEREAS

That during the financial crisis initiated in 2008, insufficient and late recognition of credit losses was identified as one of the weaknesses in existing accounting standards, so in July 2014 International Financial Reporting Standard 9 "Financial Instruments" (International Financial Reporting Standards or IFRS9, by its name and acronym in English) was issued, which was adopted by the Mexican Council for Financial Reporting Standards, A.C. (CINIF), who published new Financial Reporting Standards (NIF) that entered into force on January 1, 2018;

That the National Banking and Securities Commission, based on the NIF indicated in the preceding WHEREAS clause, issued the "Resolution that modifies the General Provisions applicable to development organisms and development entities", published on January 16, 2023 in the Official Gazette of the Federation, to adapt the regulation applicable to development organisms and development entities subject to its supervision to the new international framework, in order to have transparent and comparable financial information with other countries, and incorporate updates in matters relating to accounting criteria, portfolio qualification, regulatory reports, standards on financial information disclosure, as well as the approval, dissemination and content of financial statements, and

That, in order to strengthen the content of the Resolution published in the Official Gazette of the Federation on January 16, 2023, as well as to make clarifications that provide better understanding thereof, it has resolved to issue the following:

AMENDATORY RESOLUTION OF THE RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS APPLICABLE TO DEVELOPMENT ORGANISMS AND DEVELOPMENT ENTITIES, PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON JANUARY 16, 2023

SOLE.- Article 91, first paragraph, section I, first row of the table and Annex 38, criteria A-2 APPLICATION OF PARTICULAR STANDARDS, paragraph 26; A-3 APPLICATION OF GENERAL STANDARDS, paragraph 20; B-3 CREDIT PORTFOLIO, paragraphs 3 and 68; D-1 STATEMENT OF FINANCIAL POSITION, paragraph 32, and D-4 STATEMENT OF CASH FLOWS, paragraph 26, are AMENDED, and Annexes 2, 6, 30, 31 and 32 of the "Resolution that modifies the General Provisions applicable to development organisms and development entities", published in the Official Gazette of the Federation on January 16, 2023, are SUBSTITUTED, to read as follows:

"FIRST to SIXTH TITLE

. . .

Annex 1

. . .

Annex 2

Mapping of ratings and Risk Grades.

Annexes 3 to 5

. . .

Annex 6

Mapping of ratings and Risk Grades for Securitization Schemes.

Annexes 7 to 30

. . .

Annex 31

Determination of total credit score for credits charged to legal entities (other than federal entities, municipalities and financial entities) and individuals with business activity, with net income or net annual sales less than the equivalent in national currency to 14 million UDIs, as well as to the trusts referred to in article 123, section III, subsection b) of these Provisions.

Annex 32 to 44

. . . "

"Article 91.- . . .

. . .

Demandable Amount

Amount that the borrower corresponds to cover in the monthly billing period; said amount must consider, both the amount corresponding to the month. As well as previous unpaid demandable amounts, if any.

Bonuses and discounts may decrease the Demandable Amount, only when the borrower complies with the conditions required in the credit contract for their realization.

. . .

II.

. . . "

"ANNEX 38

CONTENT

. . .

A-1

. . .

A-2 APPLICATION OF PARTICULAR STANDARDS

Paragraphs 1 to 25 . . .

No estimate of expected credit losses shall be constituted for:

balances in favor of taxes,

creditable value added tax, and

advances that the assignor destines to the vehicle in securitization operations,

when the guidelines indicated for this purpose in criterion C-2

"Securitization Operations" of this Annex are met.

Paragraphs 27 to 44 . . .

A-3 APPLICATION OF GENERAL STANDARDS

Paragraphs 1 to 19 . . .

Disclosures relating to the determination of fair value

Fovissste and Infonavit regarding the Updated Price for Valuation provided to them by the price provider in the determination of fair value in accordance with the Second Section of Chapter II of Title Four of the Provisions, in addition to what is indicated in the accounting criteria or the corresponding NIF, must disclose, at a minimum the following:

The level of the hierarchy of the updated price for valuation (or fair value hierarchy) within which the fair value determinations are classified, in accordance with the following:

Level 1, highest level, corresponding to prices obtained exclusively with Level 1 input data.

ii.

Level 2, prices obtained with Level 2 input data.

iii.

Level 3, lowest level, for those prices obtained with Level 3 input data.

In case there is any change in the valuation model, that change and the reasons for making it must be disclosed.

When there are changes from one period to another in the classification of the hierarchy of the updated price for valuation regarding the same value or financial instrument:

The amounts of transfers between Level 1 and Level 2 of the hierarchy of the updated price for valuation.

ii.

The amounts of transfers to or from Level 3 of the hierarchy of the updated price for valuation.

For those updated prices for valuation classified in Level 3:

A reconciliation of opening balances with closing balances, revealing separately the changes during the period attributable to total gains or losses of the period recognized in net income and those recognized in other comprehensive income (OCI).

When there is a significant decrease in the volume or level of activity in relation to the normal market activity for a certain value or financial instrument, or in the presence of disorderly conditions, the adjustments that may have been applied to the updated price for valuation must be explained.

The name of the price provider, that may have provided the updated price for valuation or the input data for its determination through internal valuation models.

Paragraphs 21 to 24 . . . "

"B-3 CREDIT PORTFOLIO

Paragraphs 1 and 2 . . .

The following are not subject to this criterion:

the establishment of the methodology for the qualification and constitution of the preventive estimate for credit risks.

accounting standards relating to financial instruments, which are quoted on recognized markets and that Fovissste and Infonavit maintain in their own position, even if they are linked to credit operations, being subject to NIF C-2

"Investment in financial instruments" or NIF C-20 "Financial instruments to collect principal and interest", as applicable.

other accounts receivable, which are subject to NIF C-3 "Accounts Receivable".

the collection rights that Fovissste acquires that are found in the assumptions provided for in paragraph 18 below, will be subject to NIF C-20 "Financial instruments to collect principal and interest".

Paragraphs 4 to 67 . . .

Transfer to credit portfolio with credit risk stage 3

The outstanding balance in accordance with the payment conditions established in the credit contract must be recognized as credit portfolio with credit risk stage 3 when:

It is known that the borrower is declared in mercantile bankruptcy, in accordance with the Mercantile Bankruptcy Law.

In the case of housing credits according to the corresponding payment modality (REA or ROA), amortizations that have not been fully paid in accordance with the demandable amount established in the statement of account that corresponds to be covered by the borrower and present 90 or more days overdue.

Amortizations of credits that are not considered in the previous numerals, that have not been fully paid in the terms originally agreed, provided that the debts correspond to:

Credits with

Natural days overdue

Single payment of principal and interest

at maturity

30 or more days in capital and interest

Single payment of principal at

maturity and with periodic

interest payments

90 or more days in interest, or

30 or more days in capital

Periodic partial payments of

principal and interest

90 or more days in capital or interest

Portfolio in extension

90 or more days in capital or interest (once

the extension expires)

The immediate collection documents referred to in criterion B-1 "Cash and cash equivalents", will be reported as portfolio with credit risk stage 3 at the moment in which they have not been collected in accordance with the term established in said criterion B-1.

The transfer to credit portfolio with credit risk stage 3 of the credits referred to in numeral 2 of the previous paragraph will have the term established in said numeral plus an additional term of 30 days, that is, they may not exceed 120 days overdue for the transfer to credit portfolio stage 3 from the date on which:

the credit resources are disposed of for the purpose for which they were granted;

the borrower initiates a new employment relationship for which they have a new employer,

Fovissste and Infonavit have received partial payment of the corresponding amortization. The exception contained in this subsection will be applicable provided that it concerns credits under the ROA scheme, and each of the payments made represent, at least, 5% of the demandable amount indicated in the statement of account.

The considerations contained in this paragraph will not be mutually exclusive.

Paragraphs 69 to 124 . . . "

"D-1 STATEMENT OF FINANCIAL POSITION

Paragraphs 1 to 28 . . .

[Format HOUSING FUND OF THE INSTITUTE OF SECURITY AND SOCIAL SERVICES FOR STATE WORKERS

ADDRESS

STATEMENT OF FINANCIAL POSITION] . . .

Paragraphs 29 to 31 . . .

Total credit portfolio (net)

In order to obtain higher quality information regarding the credits granted by Infonavit, the credit portfolio must be disaggregated in the statement of financial position classifying it in any of the following categories:

Credit portfolio with credit risk stage 1

commercial credits

business or commercial activity

housing credits

traditional credits, and

ordinary amortization regime

special amortization regime

portfolio in extension

credits in co-participation with financial entities.

ordinary amortization regime

special amortization regime

portfolio in extension

Credit portfolio with credit risk stage 2

commercial credits

business or commercial activity

housing credits

traditional credits, and

ordinary amortization regime

special amortization regime

portfolio in extension

credits in co-participation with financial entities.

ordinary amortization regime

special amortization regime

portfolio in extension

Credit portfolio with credit risk stage 3

commercial credits

business or commercial activity

housing credits

traditional credits, and

ordinary amortization regime

special amortization regime

portfolio in extension

credits in co-participation with financial entities.

ordinary amortization regime

special amortization regime

portfolio in extension

Paragraphs 33 to 50

. . .

[Format INSTITUTE OF THE NATIONAL HOUSING FUND FOR WORKERS

ADDRESS

STATEMENT OF FINANCIAL POSITION] . . .

"D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 25 . . .

Effects due to changes in the value of cash and cash equivalents

Fovissste and Infonavit must present in a separate line, as applicable, the following:

the effects due to profit or loss in changes in cash and cash equivalents referred to in paragraph 35, which includes the difference generated by the conversion of the initial balance of cash and cash equivalents at the closing exchange rate of the day at the closing date of the previous period, published by the Bank of Mexico on its Internet page, www.banxico.org.mx, or that which replaces it, and of the final balance of cash and cash equivalents at the closing exchange rate of the day of the current period, published by the Bank of Mexico on the referred Internet page;

the effects on cash and cash equivalents balances due to changes in their value resulting from fluctuations in the exchange rate and in their fair value, and

the effects due to inflation associated with the balances and cash flows of Fovissste and Infonavit in an inflationary economic environment.

Paragraphs 27 to 40 . . .

[Format NAME OF THE DEVELOPMENT ORGANISM

ADDRESS

STATEMENT OF CASH FLOWS]. . . "

TRANSITORY PROVISIONS

SOLE.- This Resolution shall enter into force on the day following its publication in the Official Gazette of the Federation.

Sincerely

Mexico City, September 4, 2023.- The President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez.- Signature.

"Annex 2

Mapping of ratings and Risk Grades

Table of correspondence of ratings and long-term risk grades

Risk Grades	Standard Method	Recognized Rating Scales - Global (S&P, Moody's, Fitch, HR)	Recognized Rating Scales - Local Mexico (S&P, Moody's, Fitch, HR, Verum)	Risk Weight
1	AAA, AA+, AA, AA-	Aaa, Aa1, Aa2, Aa3	AAA, AA+, AA, AA-	HR AAA (G), HR AA+ (G), HR AA (G), HR AA- (G)	mxAAA, AAA.mx, AAA (mex), HR AAA, AAA/M	0%	20%	20%
2	A+, A, A-	A1, A2, A3	A+, A, A-	HR A+ (G), HR A (G), HR A- (G)	mxAA+, mxAA, mxAA-, AA+.mx, AA.mx, AA-.mx, AA+(mex), AA (mex), AA- (mex), HR AA+, HR AA, HR AA-, AA+/M, AA/M, AA-/M	20%	20%	20%
3	BBB+, BBB, BBB-	Baa1, Baa2, Baa3	BBB+, BBB, BBB-	HR BBB+ (G), HR BBB (G), HR BBB- (G)	mxA+, mxA, mxA-, A+.mx, A.mx, A-.mx, A+ (mex), A (mex), A- (mex), HR A+, HR A, HR A-, A+/M, A/M, A-/M	50%	20%	50%
4	BB+, BB, BB-	Ba1, Ba2, Ba3	BB+, BB, BB-	HR BB+ (G), HR BB (G), HR BB- (G)	mxBBB+, mxBBB, mxBBB-, BBB+.mx, BBB.mx, BBB-.mx, BBB+ (mex), BBB (mex), BBB- (mex), HR BBB+, HR BBB, HR BBB-, BBB+/M, BBB/M, BBB-/M	100%	20%	100%
5	B+, B, B-	B1, B2, B3	B+, B, B-	HR B+ (G), HR B (G), HR B- (G)	mxBB+, mxBB, mxBB-, BB+.mx, BB.mx, BB-.mx, BB+ (mex), BB (mex), BB- (mex), HR BB+, HR BB, HR BB-, BB+/M, BB/M, BB-/M	100%	20%	100%
6	CCC, CC, C and below	Caa, Ca, C and below	CCC, CC, C and below	HR C+ (G), HR C (G), HR C- (G) and below	mxB+, mxB, mxB-, mxCCC, mxCC and below, B+.mx, B.mx, B-.mx, CCC+.mx, CCC.mx, CCC-.mx, CC.mx, C.mx and below, B+(mex), B (mex), B- (mex), CCC (mex), CC (mex), C (mex) and below, HR B+, HR B, HR B-, HR C+, HR C, HR C- and below, B+/M, B/M, B-/M, C/M, D/M and below	150%	20%	150%
Not Rated					100%	50%	100%

Table of correspondence of ratings and short-term risk grades

Short-term Risk Grades	Standard Method	Recognized Rating Scales - Global (S&P, Moody's, Fitch, HR)	Recognized Rating Scales - Local Mexico (S&P, Moody's, Fitch, HR, Verum)	Risk Weight
1	A-1+, A-1	P-1	F1+, F1	HR+1 (G), HR1 (G)	mxA-1+, mxA-1, ML A-1.mx, F1+ (mex), F1 (mex), HR+1, HR1, 1+/M, 1/M	20%
2	A-2	P-2	F2	HR2 (G)	mxA-2, ML A-2.mx, F2 (mex), HR2, 2/M	50%
3	A-3	P-3	F3	HR3 (G)	mxA-3, ML A-3.mx, F3 (mex), HR3, 3/M	100%
4	B	B		HR4 (G)	mxB, B (mex), HR4, 4/M	120%
5	C	NP	C	HR5 (G)	mxC and below, ML B.mx, ML C.mx and below, C (mex) and below, HR5 and below, D/M and below	150%

Short-term unrated credits will be weighted at 100%. "

"Annex 6

Mapping of ratings and Risk Grades for Securitization Schemes

When a Rating Agency grants a rating, according to the scale and the type of currency that corresponds, the Development Organisms and Development Entities must adhere to the following matrix to associate the assigned rating with the risk grade detailed below.

Standard Method for securitizations

Long-term Ratings and Risk Grades global and local scales

Risk Grades	Long-term Method Based on Internal or Inferred Ratings	Authorized Rating Scales - Global (S&P, Moody's, Fitch, HR)	Authorized Rating Scales - Mexico (S&P, Moody's, Fitch, HR, Verum)
Grade 1	1.1	AAA, Aaa, AAA, HR AAA (G)	mxAAA, AAA.mx, AAA (mex), HR AAA, AAA/M
	1.2	AA+, Aa1, AA+, HR AA+ (G)
	1.3	AA, Aa2, AA, HR AA (G)
	1.4	AA-, Aa3, AA-, HR AA- (G)
Grade 2	2.1	A+, A1, A+, HR A+ (G)	mxAA+, AA+.mx, AA+ (mex), HR AA+, AA+/M
	2.2	A, A2, A, HR A (G)	mxAA, AA.mx, AA (mex), HR AA, AA/M
	2.3	A-, A3, A-, HR A- (G)	mxAA-, AA-.mx, AA- (mex), HR AA-, AA-/M
Grade 3	3.1	BBB+, Baa1, BBB+, HR BBB+ (G)	mxA+, A+.mx, A+ (mex), HR A+, A+/M
	3.2	BBB, Baa2, BBB, HR BBB (G)	mxA, A.mx, A (mex), HR A, A/M
	3.3	BBB-, Baa3, BBB-, HR BBB- (G)	mxA-, A-.mx, A- (mex), HR A-, A-/M
	3.4	BB+, Ba1, BB+, HR BB+ (G)	mxBBB+, BBB+.mx, BBB+ (mex), HR BBB+, BBB+/M
	3.5	BB, Ba2, BB, HR BB (G)	mxBBB, BBB.mx, BBB (mex), HR BBB, BBB/M
	3.6		mxBBB-, BBB-.mx, BBB- (mex), HR BBB-, BBB-/M
Grade 4	4.1	BB-, Ba3, BB-, HR BB- (G)	mxBB+, BB+.mx, BB+ (mex), HR BB+, BB+/M
	4.2		mxBB, BB.mx, BB (mex), HR BB, BB/M
	4.3		mxBB-, BB-.mx, BB- (mex), HR BB-, BB-/M
Grade 5	5.1	B+, B1, B+, HR B+ (G)
	5.2	B, B2, B, HR B (G)
	5.3	B-, B3, B-, HR B- (G)
	5.4	CCC, Caa, CCC, HR C+ (G)	mxB+, B+.mx, B+ (mex), HR B+, B+/M
	5.5	CC, Ca, CC, HR C (G)	mxB, B.mx, B (mex), HR B, B/M
	5.6	C, C, C, HR C- (G)	mxB-, B-.mx, B- (mex), HR B-, B-/M
	5.7	and below, and below, and below, and below	mxCCC, CCC+.mx, CCC (mex), HR C+, C/M
	5.8		mxCC and below, CCC.mx, CC (mex), HR C, D/M
	5.9		CCC-.mx, CC.mx, C.mx and below, C (mex) and below, HR C- and below, E/M and below

Short-term Risk Grades Method Based on Internal or Inferred Ratings

Short-term Risk Grades	Authorized Rating Scales - Global (S&P, Moody's, Fitch, HR)	Authorized Rating Scales - Mexico (S&P, Moody's, Fitch, HR, Verum)
1	A-1+, A-1, P-1, F1+, F1, HR+1 (G), HR1 (G)	mxA-1+, mxA-1, ML A-1.mx, F1+ (mex), F1 (mex), HR+1, HR1, 1+/M, 1/M
2	A-2, P-2, F2, HR2 (G)	mxA-2, ML A-2.mx, F2(mex), HR2, 2/M
3	A-3, P-3, F3, HR3 (G)	mxA-3, ML A-3.mx, F3(mex), HR3, 3M
4	B, B, HR4 (G)	mxB, ML B.mx, B (mex), HR4, 4/M
5	C, NP, C, HR5 (G)	mxC and below, ML C.mx and below, C(mex) and below, HR5 and below, D/M and below

"Annex 30

Determination of total credit score for credits charged to financial entities

For the purposes of what is indicated by this Annex, financial entities shall be understood as those indicated in article 3, section IX of the Law for the Transparency and Ordering of Financial Services, as well as in article 12 of the Law to Regulate Financial Groups. However, the Development Organisms and Development Entities, prior authorization of the Commission, may consider other legal figures as financial entities.

The Development Organisms and Development Entities, prior to the determination of the total credit score of the credits granted to financial entities, must classify each borrower in one of the subgroups in accordance with the following table:

Accredited financial entities that are also grantors of credit	Other accredited financial entities distinct from credit grantors
· Credit Institutions.	· Unions of credit.
· Multiple purpose financial companies regulated and unregulated.	· General deposit warehouses.
· Popular financial societies, savings and loan cooperatives.	· Exchange houses.
· Financial entities that act as fiduciaries in trusts that grant credit, loan or financing to the public.	· Bonding institutions.
· Public trusts that have the character of parastatal entities and that are part of the Mexican Banking System.	· Insurance institutions.
	· Brokerage houses.
	· Investment fund operator societies.
	· Investment fund share distributors.
	· - Retirement fund administrators.

In the case of substitution of borrower information with that of the guarantor for the calculation of the Probability of Default, the highest score will be assigned to the variables of the Risk Factor payment experience with the Development Organism or Development Entity, provided that the guarantor does not have credit experience with the own Development Organism or Development Entity and it is verified that it does not have negative payment experience in credit information societies. In any other case, the scores corresponding to the range "No information" will be assigned to the variables of the Risk Factor payment experience with the Institution.

The Development Organisms and Development Entities must estimate the Probability of Default"

of each accredited entity considering quantitative and qualitative aspects of these, each of which will be reflected in a score. The quantitative and qualitative credit scores will be determined as follows:

I. Quantitative Credit Score

Development Organisms and Development Entities will determine the quantitative credit score, summing the points that the accredited entity obtains for the risk factors included in this Section I. In turn, the score of the risk factors will be the sum of the points obtained in each indicator, as applicable the classification of the accredited entity as a credit-granting financial entity or as another financial entity different from credit-granting ones.

I-A. Quantitative credit score applicable to accredited financial entities, which are in turn credit-granting

Risk factor payment experience with credit information societies

For the purposes of calculating the indicators that make up this risk factor, Development Organisms and Development Entities will consider credit information with financial and commercial entities contained in all credit and identity records that allow identifying, as the same accredited entity, the corresponding financial entity, and that credit information societies have available at the date of rating.

Development Organisms and Development Entities must assign the points of the "No information" range, when the indicator does not meet the requirements established in Section IV Definitions of this Annex or there is no information in credit information societies.

Indicator	Range	Points
Average days past due with banking financial entities in the last 12 months	0.07	94
	(0.07, 0.56]	79
	(0.56, 2.06]	55
	> 2.06	-8
	No information	86
Percentage of on-time payments with non-banking financial entities in the last 12 months	[0 %, 74 %)	55
	[74 %, 96 %)	60
	[96 %, 100 %]	70
	No information	65

Risk factor financial

Indicator	Range	Points
Financial entities subject to prudential regulation	Regulated	74
	Not regulated	44
	No information	44
Interest expenses to interest income	45.10 %	83
	(45.10 %, 60.35 %]	69
	> 60.35 %	41
	No information	55
Return on Equity (ROE)	0.76 %	28
	(0.76 %, 2.89 %]	62
	(2.89 % ,5.10 %]	72
	(5.10 %, 15.00 %]	88
	>15.00 %	93
Zero Capital and Net Income	0	-9
	No information	50
Delinquency Index (IMOR)	1.29 %	97
	(1.29 %, 4.00 %]	87
	> 4.00 %	51
	No information	29
Interest income to total assets	5.55 %	42
	(5.55 %, 9.83 %]	79
	> 9.83 %	90
	No information	60
Capitalization Index	9.00 %	20
	(9.00 %, 12.00 %]	63
	(12.00 %, 14.00 %]	75
	>14.00 %	92
	No information	41
Proportion of long-term liability plus immediate demand liabilities with respect to the Credit Portfolio	25.00 %	53
	(25.00 %, 55.00 %]	69
	(55.00 %, 93.00 %]	85
	>93.00 %	94
	No information	61

Risk factor payment experience with the Institution

Indicator	Range	Points
Maximum number of monthly delays of the accredited entity in all its exposures with the Institution itself presented in the last 7 months considering the rating month	0 months	84
	1 month	59
	2 months	-31
	No Information	72

I-B. Quantitative credit score applicable to other accredited financial entities different from credit-granting ones

Risk factor payment experience with credit information societies

Indicator	Range	Points
Average days past due with banking financial entities in the last 12 months	0.07	123
	(0.07, 0.56]	115
	(0.56, 2.06]	101
	> 2.06	62
	No information	111
Percentage of on-time payments with non-banking financial entities in the last 12 months	[0 %, 74 %)	65
	[74 %, 96 %)	81
	[96 %, 100 %]	90
	No information	84

Risk factor financial

Indicator	Range	Points
Financial entities subject to prudential regulation	Regulated	113
	Not regulated	86
	No information	86
Interest expenses to interest income	45.10 %	115
	(45.10 %, 60.35 %]	109
	> 60.35 %	87
	No information	86
Return on Equity (ROE)	0.76 %	69
	(0.76 %, 2.89 %]	103
	(2.89 % ,5.10 %]	113
	> 5.10 %	125
Zero Capital and Net Income	0	33
	No information	69
Interest income to total assets	5.55 %	73
	(5.55 %, 9.83 %]	134
	> 9.83 %	145
	No information	73

Risk factor payment experience with the Institution

Indicator	Range	Points
Maximum number of monthly delays of the accredited entity in all its exposures with the Institution itself presented in the last 7 months considering the rating month	0 months	113
	1 month	86
	2 months	2
	No Information	100

II. Qualitative Credit Score

II-A. Qualitative credit score applicable to all financial entities

Development Organisms and Development Entities, to determine the qualitative credit score, will sum the points corresponding to the applicable risk factors according to the classification of financial entities. In turn, each risk factor will be determined by summing the points obtained by the indicators that compose them.

Business context factor

Indicator	Range	Points
Diversification of types of funding sources	3 sources	169
	1 or 2 sources	150
	No information	121

Indicator	Range	Points
Issuance of debt securities in public offering	No issuances	117
	Issuances recognized in their accounting as financial liabilities, as well as structured transactions off-balance sheet.	139

Organizational structure factor

Indicator	Range	Points
Shareholding composition	<10%	164
	10%	139
	No information	119

Indicator	Range	Points
Quality of corporate governance	The financial entity has strategic planning and internal audit processes clearly delimited and implemented; the risk area is an independent unit and has high influence in decision-making.	134
	The financial entity has strategic planning and internal audit processes, but they are not implemented nor well delimited; the risk area is an independent unit, but has little influence in decision-making.	120
	The financial entity does not have strategic planning, nor internal audit processes; the risk area is not an independent unit and has no influence in decision-making.	111
	No information	103

Management competence factor

Indicator	Range	Points
Years of experience of officials in the administration	More than 10 years average experience	132
	Between 5 and 10 years average experience.	123
	Less than 5 years average experience.	107
	No information	120
Audited financial statements	Audited financial statements for more than 2 consecutive years.	138
	Audited financial statements during the last year.	117
	Financial statements never audited or without information	106

III.- The Total Credit Score will be obtained by applying the following expression:

Where the factors and (1- ) will have the weight indicated in the following table:

Classification of Entities	Criterion	Factor	Weight (1- )
Small and medium entities	Total assets less than or equal to 2,500 million UDIs	100 %	0 %
Large entities	Assets greater than 2,500 million UDIs	75 %	25 %
Parastatal financial entities and financial organisms of the federal public administration		100 %	0 %

IV.- Definitions

Concept and maximum age permissible at the time of rating	Definition
Average days past due with banking financial entities in the last 12 months	Age not greater than 2 months at the rating date (month end); information corresponding to some credit information society) ; Average number of days past due that the accredited entity has with banking financial entities in the last 12 months. ; Where: ; · NPSA12: Number of payments without days of delay of the accredited entity with banking financial entities in the last 12 months. ; · NPCA12 i-j : Number of payments with i to j days of delay of the accredited entity with banking financial entities in the last 12 months. ; · NPCA12 180 : Number of payments with 180 days or more of delay of the accredited entity with banking financial entities in the last 12 months. ; Days of Delay: Number of natural days at the date of rating, during which the accredited entity has not settled in its entirety the Amount Payable under the terms originally agreed. ; Amount Payable: Amount that corresponds to be covered by the accredited entity in the agreed period. The Amount Payable must consider both the amount corresponding to the agreed period, as well as the payable amounts of previous unpaid periods, if any.
Percentage of on-time payments with non-banking financial entities in the last 12 months	Age not greater than 2 months at the rating date (month end); information corresponding to some credit information society ; Percentage that represent the on-time payments of the total exposures of the accredited entity with non-banking financial entities in the last 12 months. ; Where: ; · NPSA12N: Number of payments without days of delay of the accredited entity with non-banking financial entities in the last 12 months. ; · NPCAN i-j : Number of payments with i to j days of delay of the accredited entity with non-banking financial entities in the last 12 months. ; · NPCAN 180 : Number of payments with 180 days or more of delay of the accredited entity with non-banking financial entities in the last 12 months. ; Days of Delay: Number of natural days at the date of rating, during which the accredited entity has not settled in its entirety the Amount Payable under the terms originally agreed. ; Amount Payable: Amount that corresponds to be covered by the accredited entity in the agreed period. The Amount Payable must consider both the amount corresponding to the agreed period, as well as the payable amounts of previous unpaid periods, if any.
Financial entities subject to prudential regulation	All those financial entities that are subject to prudential financial regulation either in Mexico or in their countries of origin, in the case of foreign entities.
Interest expenses to interest income	Information with age not greater than 4 months at the rating date (month end) for regulated financial entities; information with age not greater than 18 months at the rating date (month end) for unregulated financial entities ; Proportion of interest expenses with respect to interest income: ; Where: ; · Annual interest expenses, corresponds to the accumulated amount recorded in the interest expenses account of the Comprehensive Income Statement of the financial entity, considering a time horizon of the last 12 months. In the case of newly created financial entities that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation. ; · Annual interest income, corresponds to the accumulated amount recorded in the interest income account of the Comprehensive Income Statement of the financial entity, considering a time horizon of the last 12 months. In the case of newly created financial entities that do not have 12 months of financial information or its equivalent at the rating date, the totality of the information available at the rating date (month end) must be used to perform the calculation.
Return on Equity (ROE)	Information with age not greater than 4 months at the rating date (month end) for regulated financial entities; information with age not greater than 18 months at the rating date (month end) for unregulated financial entities ; Proportion that represent the returns on equity: ; Where: ; · Annual Net Income , will be the accumulation of net profits reported in the Comprehensive Income Statement of the financial entity, considering a time horizon of the last 12 months. In the case of newly created financial entities that do not have 12 months of financial information or its equivalent at the rating date (month end) , the totality of the information available at the rating date (month end) must be used to perform the calculation. ; · Equity, will be the one reported in the Financial Position Statement of the financial entity.
Delinquency Index (IMOR)	Information with age not greater than 4 months at the rating date (month end) for regulated financial entities; information with age not greater than 18 months at the rating date (month end) for unregulated financial entities ; According to the amounts reported in the Financial Position Statement, it represents the proportion that represents the credit portfolio with credit risk in stage 3, or its equivalent, over the total credit portfolio: ; Where: ; · Total credit portfolio = Credit portfolio with credit risk stage 1 and 2 or current + Credit portfolio with credit risk stage 3 or past due.
Interest income to total assets	Information with age not greater than 4 months at the rating date (month end) for regulated financial entities; information with age not greater than 18 months at the rating date (month end) for unregulated financial entities ; Proportion that represent the interest income over total assets: ; Where: ; · Annual interest income, will be the accumulation of interest income reported in the Comprehensive Income Statement of the financial entity, considering a time horizon of the last 12 months. In the case of newly created financial entities that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation. ; · Total Assets, will be the amount reported in the Financial Position Statement of the financial entity.
Capitalization Index	Information with age not greater than 4 months at the rating date (month end) for regulated financial entities; information with age not greater than 18 months at the rating date (month end) for unregulated financial entities ; · Net capital between risk-weighted assets. - Proportion of Net Capital with respect to risk-weighted assets (Only for credit institutions). ; · Equity between total assets. - Proportion of equity with respect to assets (Only for entities that do not have information on Net Capital, risk-weighted assets or the Capitalization Index is not revealed).
Proportion of long-term liability plus immediate demand liabilities with respect to the Credit Portfolio	Information with age not greater than 4 months at the rating date (month end) for regulated financial entities; information with age not greater than 18 months at the rating date (month end) for unregulated financial entities ; Proportion of long-term liability plus immediate demand liabilities with respect to the Credit Portfolio. ; · Long-term liabilities + immediate demand liabilities = Immediate demand deposits + bank loans and from other long-term organisms ; · Credit Portfolio = Current credit portfolio + past due credit portfolio ; Entities will include any operation that must be considered as Commercial Credit Portfolio, in accordance with that provided by article 1, section XII, subsection c) of these provisions.
Maximum number of delays presented in the last 7 months considering the rating month	Calculated at the rating date (month end) ; Where: ; : Number of delays observed at the rating date , where " t-0 " corresponds to the rating date, and " t-n " corresponds to " n " previous monthly periods to the rating date (month end), that Development Organisms and Development Entities will calculate according to the following: ; When days of delay at the rating date (month end) t-n is equal to 0, ATR t-n will take the value of 0. ; The calculation must be carried out considering all exposures of the accredited entity with the Institution. ; Days of delay at the calculation date : Number of natural days at the rating date (month end), during which the accredited entity has not settled in its entirety the Amount Payable under the terms originally agreed. This variable must be expressed as a number and must be greater than or equal to zero. ; Amount payable : Amount that corresponds to be covered by the accredited entity in the agreed period. The payable amount must consider both the amount corresponding to the agreed period, as well as the payable amounts of previous unpaid periods, if any. ; In the case of newly created credit-granting financial entities that do not have internal experience time, 84 points will be assigned directly to this variable. ; In the case of newly created financial entities different from credit-granting ones that do not have internal experience time, 113 points will be assigned directly to this variable.
Diversification of types of funding sources	Age not greater than 18 months at the Rating Date (month end) ; Level of flexibility of the financial entity to diversify its types of funding sources. Consider financing through debt markets, equity, capital contributions, term loans and wholesale and retail deposits.
Issuance of debt securities in public offering	Age not greater than 18 months at the Rating Date (month end) ; Existence of debt issuances in public offering by the financial entity.
Shareholding composition	Age not greater than 18 months at the Rating Date (month end) ; Concentration of shareholding participation of those groups or natural or legal persons with domicile in national territory or abroad that have directly or indirectly, the majority holding of the share capital of the financial entity. ; In the event that the referred shareholding participation is greater than 90 % of the share capital of the financial entity, the shareholding composition of the majority entity will be considered.
Quality of Corporate Governance	Age not greater than 18 months at the Rating Date (month end) ; Evidence of solid strategic planning processes that include specific goals and well-designed actions to achieve them, forecasts and projections must be transparent and well-founded. The independence of the risk area within the financial entity will also be evaluated (the greater the independence, the greater the quality of corporate governance), if there is an internal audit process and what is the influence of the risk area in decision-making (a greater influence of the risk area increases the quality of corporate governance).
Years of experience of the officials in the administration	Age not greater than 18 months at the Rating Date (month end) ; Average years of relevant work experience in the financial system of first and second level officials belonging to the administration area.
Audited financial statements	Age not greater than 18 months at the Rating Date (month end) ; Periodicity with which the financial statements of the financial entity have been audited by an external firm of recognized prestige

For the case of financial entities domiciled abroad that do not have payment experience information within national credit information societies, but have a credit rating issued by a recognized prestige rating agency and whose rating on a long-term global scale is equal to or greater than risk grade 2 of Annex 1-B of these provisions, a probability of default of 0.5 % will be assigned directly. In the event that the credit rating on a global scale is less than risk grade 2 of Annex 1-B and there is no payment experience information within national credit information societies, the points of the "No Information" range must be assigned for the indicators of the "risk factor payment experience with credit information societies" of section I-A of this Annex.

Development Organisms and Development Entities must assign the points of the "No information" range when an indicator does not comply with what is established in Section IV Definitions of this Annex.

Annex 31

Determination of the total credit score for credits in charge of legal entities (different to federative entities, municipalities and financial entities) and individuals with business activity, with net income (1) or net annual sales less than the equivalent in national currency to 14 million UDIs (2), as well as to the trusts referred to in article 123, section III, subsection b) of these provisions

Prior to the determination of the total credit score of the credits granted to the accredited entities referred to in this Annex, Development Organisms and Development Entities must classify each accredited entity in the economic sector where it has greater preponderance, taking into account for this the economic sector from which it obtains the majority of its income. To carry out said classification, the keys corresponding to each economic sector will be considered according to the catalog from the National Institute of Statistics and Geography (INEGI) called "North American Industry Classification System (SCIAN)":

Sector	Description	SCIAN key economic sector code (3)
Agricultural	When the economic activity of the accredited entity corresponds to any of the following: agriculture, livestock, forest exploitation, fishing and hunting.	11
Extraction, Energy and Construction	When the economic activity of the accredited entity corresponds to any of the following: mining, electricity, water and gas supply by pipelines to the final consumer or construction. Or, when the classification of the accredited entity cannot be carried out.	21, 22, 23 and unclassified
Manufacturing	When the economic activity of the accredited entity corresponds to manufacturing industries.	31 ,32, 33
Commerce	When the economic activity of the accredited entity corresponds to commerce to

wholesale or retail trade.

43, 46

Services

When the economic activity of the borrower corresponds to any of the following:

transport, mail and storage, mail and storage, information in mass media, financial and insurance services (other than those specified in Annex 30 of these provisions), real estate and rental of movable and intangible goods, professional, scientific and technical services, management of corporations and companies, business support services and waste management and remediation services, educational services, health and social assistance services, recreation, cultural and sports services, and other recreational services, temporary accommodation and food and beverage preparation services, other services (except government activities) or government activities and international and extraterritorial organizations.

48, 49, 51, 52,
53, 54, 55, 56,
61, 62, 71, 72,
81, 93

The Development Organisms and Development Entities will calculate the Probability of Default (PIi) of each borrower considering only the information with the required age, established in Section III Definitions of this Annex; otherwise, they must consider as if they did not have such information, assigning the points corresponding to the range "No information".

In the case of substitution of borrower information with that of the guarantor for the calculation of PIi, the highest score will be assigned to the variables of the Payment experience risk factor with the Institution, provided that the guarantor does not have credit experience with the Institution itself and it is verified that they do not have negative payment experience in Credit Information Companies. In any other case, the points corresponding to the range "No information" will be assigned to the variables of the Payment experience risk factor with the Institution.

The Development Organisms and Development Entities will estimate the PIi of each credit considering the quantitative aspects of the borrower; each of the aspects will be reflected in a score. The scores of each aspect will be summed to obtain a total credit score in accordance with the following:

I. Total credit score

The Development Organisms and Development Entities will determine the total credit score of the credits granted to legal or physical persons that correspond to this Annex, based on the score that is determined for the following risk factors I-A and I-B, as well as in accordance with the sector in which the borrower was classified. The total credit score will be obtained as a result of the sum of points that result for the indicators that make up each risk factor.

I-A Payment experience risk factor, according to credit information company information

For the purposes of calculating the indicators that make up this Risk factor, the Development Organisms and Development Entities will consider the credit information with financial and commercial entities contained in all credit and identity records, which allow identifying as the same borrower the economic entity that corresponds, of which the credit information companies have at the date of the rating.

Indicator
Sector: Agricultural

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0, 74 %)	65
[74 %, 90 %)	94
[90 %, 96 %)	119
[96 %, 100 %)	142
100 %	168
No information	133
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0, 58 %)	100
[58 %, 92 %)	108
> 92 %	146
No information	133
Presence of write-offs, charge-offs and restructurings with banking financial entities in the last 12 months.
0	133
1	113
No information	120

Indicator
Sector: Energy, Extraction, Construction

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0, 68 %)	73
[68 %, 86 %)	90
[86 %, 93 %)	106
[93 %, 98 %)	125
> 98 %	162
No information	140
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0, 51 %)	99
[51 %, 87 %)	106
[87 %, 100 %)	126
100 %	150
No information	127
Presence of write-offs, charge-offs and restructurings with banking financial entities in the last 12 months.
0	127
1	119
No information	123

Indicator
Sector: Manufacturing

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0, 69 %)	57
[69 %, 85 %)	82
[85 %, 92 %)	100
[92 %, 96 %)	118
[96 %, 99 %)	140
> 99 %	170
No information	150
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0, 76 %)	102
[76 %, 99 %)	126
> 99 %	156
No information	129
Presence of write-offs, charge-offs and restructurings with banking financial entities in the last 12 months.
0	131
1	124
No information	126

Indicator
Sector: Commerce

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0, 75 %)	64
[75 %, 89 %)	87
[89 %, 95 %)	103
[95 %, 98 %)	124
> 98 %	160
No information	145
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0, 40 %)	100
[40 %, 87 %)	106
[87 %, 100 %)	132
100 %	158
No information	129
Presence of write-offs, charge-offs and restructurings with banking financial entities in the last 12 months.
0	131
1	123
No information	127

Indicator
Sector: Services

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0, 65 %)	77
[65 %, 83 %)	94
[83 %, 91 %)	108
[91 %, 95 %)	120
[95 %, 98 %)	133
> 98 %	157
No information	138
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0, 41 %)	106
[41 %, 84 %)	112
[84 %, 97 %)	132
> 97 %	152
No information	128
Presence of write-offs, charge-offs and restructurings with banking financial entities in the last 12 months.
0	130
1	119
No information	125

I-B Payment experience risk factor with the Development Entity

Indicator
Sector: Agricultural

Range	Points
Maximum number of arrears presented in the last 4 months considering the rating month.
0	153
1	103
> 2	66
No Information	128
Average days of delinquency of all borrower's credits at the rating date.
0	145
(0, 6]	105
(6, 30]	82
>30	56
No Information	125

Indicator
Sector: Energy, Extraction, Construction

Range	Points
Maximum number of arrears presented in the last 4 months considering the rating month.
0	157
1	96
> 2	64
No Information	127
Average days of delinquency of all borrower's credits at the rating date.
0	148
(0, 7]	93
(7, 27]	80
(27, 38]	73
>38	41
No Information	121

Indicator
Sector: Manufacturing

Range	Points
Maximum number of arrears presented in the last 4 months considering the rating month.
0	154
1	95
2	77
> 3	50
No Information	125
Average days of delinquency of all borrower's credits at the rating date.
0	149
(0, 15]	89
(15, 30]	75
>30	43
No Information	119

Indicator
Sector: Commerce

Range	Points
Maximum number of arrears presented in the last 4 months considering the rating month.
0	152
[1, 2]	86
> 3	49
No Information	119
Average days of delinquency of all borrower's credits at the rating date.
0	148
(0, 13]	90
(13, 30]	70
>30	32
No Information	119

Indicator
Sector: Services

Range	Points
Maximum number of arrears presented in the last 4 months considering the rating month.
0	159
1	97
2	69
> 3	41
No Information	128
Average days of delinquency of all borrower's credits at the rating date.
0	148
(0, 6]	101
(6, 24]	90
(24, 35]	78
>35	53
No Information	125

II. The total credit score will be obtained by applying the following expression:

Where: = 100%

III. Definitions

Concept and maximum age permissible at the time of rating (month end)	Definition
Percentage of on-time payments with banking financial entities in the last 12 months	Age not greater than 2 months at the rating date (month end); information corresponding to some credit information company. Percentage that represent the on-time payments of the borrower's total exposures with banking financial entities in the last 12 months. Where: · : Number of payments without days of arrears of the company with banking financial entities in the last 12 months. · : Number of payments with i to j days of arrears of the company with banking financial entities in the last 12 months. · : Number of payments with 180 days or more of arrears of the company with banking financial entities in the last 12 months. Days of Arrears: Number of calendar days at the date of the rating, during which the borrower has not settled in full the Amount Payable in the originally agreed terms. This variable must be expressed as an integer and must be greater than or equal to zero. Amount Payable: Amount that corresponds to be covered by the borrower in the agreed period. The Amount Payable must consider both the amount corresponding to the agreed period, as well as the payable amounts of previous unpaid periods, if any.
Percentage of on-time payments with non-banking financial entities in the last 12 months	Age not greater than 2 months at the rating date (month end); information corresponding to some credit information company. Percentage that represent the on-time payments of the borrower's total exposures with non-banking financial entities in the last 12 months. Where: · : Number of payments without days of arrears of the company with non-banking financial entities in the last 12 months. · : Number of payments with i to j days of arrears of the company with non-banking financial entities in the last 12 months. · : Number of payments with 180 days or more of arrears of the company with non-banking financial entities in the last 12 months. Days of Arrears: Number of calendar days at the date of the rating, during which the borrower has not settled in full the Amount Payable in the originally agreed terms. This variable must be expressed as an integer and must be greater than or equal to zero. Amount Payable: Amount that corresponds to be covered by the borrower in the agreed period. The Amount Payable must consider both the amount corresponding to the agreed period, as well as the payable amounts of previous unpaid periods, if any.
Existence of write-offs, charge-offs and restructurings with banking financial entities in the last 12 months	Age not greater than 2 months at the rating date (month end); information corresponding to some credit information company. Where: · : Indicator of Write-offs or charge-offs with banking financial entities in the last 12 months. It can only take the values 1 or 0. · : Indicator of Execution of guarantees with banking financial entities in the last 12 months. It can only take the values 1 or 0. · : Indicator of Restructurings with banking financial entities in the last 12 months. It can only take the values 1 or 0.
Maximum number of arrears presented in the last 4 months considering the rating month (month end)	Calculated at the rating date. Where: ATR t-n : Number of arrears observed at the rating date, where "t-0" corresponds to the rating date, and "t-n" corresponds to "n" monthly periods prior to the rating date (month end), which the Development Organisms and Development Entities will calculate according to the following: When days of arrears at the rating date t-n is equal to 0, ATR t-n will take the value of 0. The calculation must be made considering all exposures of the borrower with the Institution. Days of Arrears: Number of calendar days at the rating date (month end), during which the borrower has not settled in full the payable amount in the originally agreed terms. This variable must be expressed with a number greater than or equal to zero. Amount payable: Amount that corresponds to be covered by the borrower in the agreed period. The Amount Payable must consider both the amount corresponding to the agreed period, as well as the payable amounts of previous unpaid periods, if any.
Average days of delinquency of all borrower's credits	Calculated at the rating date (month end). Where: · : Number of days of arrears of the i-th credit of the borrower in consideration. · : Number of credits of the borrower in consideration.

For the case of credits in charge of legal or physical persons with business activity with Net Income or Net Sales annual less than the equivalent in national currency to 14 million UDIs, with domicile abroad that do not have payment experience information within the national credit information companies, but that have a credit rating issued by a recognized prestige rating agency and whose rating on the global long-term scale is equal to or better than risk grade 2 of Annex 2 of these provisions, a probability of default of 0.5% will be assigned directly. In case the credit rating on the global scale results lower than risk grade 2 of Annex 2 and there is no payment experience information within the national credit information companies, the points of the range "No Information" of the borrower's predominant economic sector must be assigned.

The Development Organisms and Development Entities must assign the points of the range "No information" when an indicator does not comply with what is established in Section IV Definitions of this Annex.

Annex 32

Determination of the total credit score for credits in charge of legal persons (other than federal entities, municipalities and financial entities) and physical persons with business activity, with net income (4) or net annual sales greater than or equal to the equivalent in national currency to 14 million UDIs (5)

Prior to the determination of the total credit score of the credits granted to the borrowers to which this Annex refers, the Development Organisms and Development Entities must classify each borrower in the economic sector where they have greater preponderance, taking into account for this the economic sector from which they obtain the greatest part of their income. For such classification, the keys corresponding to each economic sector will be considered according to the catalog from the National Institute of Statistics and Geography (INEGI) called "North American Industry Classification System" (SCIAN):

Sector	Description	Economic sector code (6) of the SCIAN key
Agricultural	When the economic activity of the borrower corresponds to any of the following: agriculture, livestock, forest exploitation, fishing and hunting.	11
Extraction, Energy and Construction	When the economic activity of the borrower corresponds to any of the following: mining, electricity, water and gas supply by pipeline to the final consumer or construction. Or, when the classification of the borrower cannot be made.	21, 22, 23 and without classification
Manufacturing	When the economic activity of the borrower corresponds to manufacturing industries.	31, 32, 33
Commerce	When the economic activity of the borrower corresponds to wholesale or retail trade.	43, 46
Services	When the economic activity of the borrower corresponds to any of the following: transport, mail and storage, mail and storage, information in mass media, financial and insurance services (other than those indicated in Annex 30 of these provisions), real estate and rental of movable and intangible goods, professional, scientific and technical services, management of corporations and companies, business support services and waste management and remediation services, educational services, health and social assistance services, recreation, cultural and sports services, and other recreational services, temporary accommodation and food and beverage preparation services, other services (except government activities) or government activities and international and extraterritorial organizations.	48, 49, 51, 52, 53, 54, 55, 56, 61, 62, 71, 72, 81, 93

The Development Organisms and Development Entities will calculate the Probability of Default (PIi) of each borrower considering only the information with the required age, established in Section IV Definitions of this Annex; otherwise, they must consider as if they did not have such information, assigning the points corresponding to the range "No information".

In the case of substitution of borrower information with that of the guarantor for the calculation of the PIi, the highest score will be assigned to the variables of the Payment experience risk factor with the Development Organism and Development Entity, provided that the guarantor does not have credit experience with the Development Organism and Development Entity itself and it is verified that they do not have negative payment experience in credit information companies. In any other case, the points corresponding to the range "No information" will be assigned to the variables of the Payment experience risk factor with the Development Organism and Development Entity.

The Development Organisms and Development Entities will estimate the PIi of each credit considering the qualitative and quantitative aspects of the borrower; each of the aspects will be reflected in a score. The scores of each aspect will be summed to obtain a total credit score in accordance with the following:

I. Quantitative credit score

The Development Organisms and Development Entities will determine the quantitative credit score of the credits granted to the physical or legal persons that correspond to this Annex, based on the score that is determined for the following risk factors I-A, I-B and I-C, as well as in accordance with the sector in which the borrower was classified. The quantitative credit score will be obtained as a result of the sum of points that result for the indicators that make up each risk factor.

I-A Payment experience risk factor, according to credit information company information

For the purposes of calculating the indicators that make up this risk factor, the Development Organisms and Development Entities will consider the credit information with financial and commercial entities contained in all credit and identity records that allow identifying, as the same borrower, the economic entity that corresponds, and of which the credit information companies have at the date of the rating.

Indicator
Sector: Agricultural

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0 %, 61 %)	15
[61 %, 75 %)	36
[75 %, 95 %)	83
[95 %, 100 %]	103
No information	70
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0 %, 79 %)	68
[79 %, 97 %)	87
[97 %, 100 %]	95
No information	69

Indicator
Sector: Energy, Extraction, Construction

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0 %, 93 %)	54
[93 %, 100 %)	96
100 %	127
No information	71
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0 %, 79 %)	64
[79 %, 100 %)	91
100 %	118
No information	83

Indicator
Sector: Manufacturing

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0 %, 86 %)	2
[86 %, 93 %)	37
[93 %, 96 %)	64
[96 %, 100 %)	87
100 %	115
No information	94
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0 %, 74 %)	37
[74 %, 92 %)	47
[92 %, 99 %)	78
[99 %, 100 %]	97
No information	82

Indicator
Sector: Commerce

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0 %, 66 %)	3
[66 %, 83 %)	23
[83 %, 89 %)	43
[89 %, 94 %)	62
[94 %, 100 %]	102
No information	98
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0 %, 89 %)	52
[89 %, 99 %)	78
[99 %, 100 %]	103
No information	89

Indicator
Sector: Services

Range	Points
Percentage of on-time payments with banking financial entities in the last 12 months.
[0 %, 58 %)	54
[58 %, 77 %)	77
[77 %, 92 %)	88
[92 %, 98 %)	97
[98 %, 100 %)	107
100 %	115
No information	114
Percentage of on-time payments with non-banking financial entities in the last 12 months.
[0 %, 82 %)	90
[82 %, 100 %)	98
100 %	107
No information	104

I-B Payment experience risk factor with the Development Organism or Entity

Indicator
Sector: Agricultural

Range	Points
Maximum number of arrears presented in the last 7 months considering the rating month
0	86
1	39
2	-50
> 3	-100
No Information	63
Percentage of balance without days of arrears with the Institution in the last 4 months considering the rating month
[0 %, 47 %)	51
[47 %, 68 %)	58
[68 %, 98 %)	66
> 98 %	79
No Information	73

Indicator
Sector: Energy, Extraction, Construction

Range	Points
Maximum number of arrears presented in the last 7 months considering the rating month
0	121
1	58
2	12
> 3	-57
No Information	90
Percentage of balance without days of arrears with the Institution in the last 4 months considering the rating month
[0 %, 50 %)	66
[50 %, 71 %)	73
[71 %, 95 %)	81
[95 %, 100 %)	86
100 %	102
No Information	94

Indicator
Sector: Manufacturing

Range	Points
Maximum number of arrears presented in the last 7 months considering the rating month
0	86
1	53
2	22
> 3	-28
No Information	70
Percentage of balance without days of arrears with the Institution in the last 4 months considering the rating month
[0 %, 67 %)	53
[67 %, 82 %)	66
[82 %, 96 %)	68
> 96 %	85
No Information	77

Indicator
Sector: Commerce

Range	Points
Maximum number of arrears presented in the last 7 months considering the rating month
0	98
1	39
2	11
> 3	-43
No Information	69
Percentage of balance without days of arrears with the Institution in the last 4 months considering the rating month

Range	Points
[0 %, 56 %)	33
[56 %, 93 %)	54
[93 %, 100 %)	64
100 %	92
No Information	78

Indicator	Services Sector
Range	Points
Maximum number of delays presented in the last 7 months considering the rating month
0	115
1	73
2	24
3	-11
No Information	94

Percentage of balance without days of delay with the Institution in the last 4 months considering the rating month
Range	Points
[0 %, 65 %)	55
[65 %, 87 %)	78
[87 %, 100 %)	88
100 %	107
No Information	98

I-C Financial Risk Factor

The financial statements from which the information required for the calculation of this risk factor is obtained must comply with the maximum age required in Section IV of Definitions of this Annex. In case of not complying with the above, the Promotion Organizations and Promotion Entities must assign the Borrower the score corresponding to the "No Information" range.

Indicator	Agricultural Sector
Range	Points
Return on Equity (ROE)
Both inputs of the indicator are negative	52
<-0.7 %	74
[-0.7 %, 3.2 %)	86
[3.2 %, 13.4 %)	97
> 13.4 %	112
No Information	65
Collection Period from Debtors
<38	103
[38, 91)	91
> 91	77
No Information	72
Cash to Total Asset Ratio
<0.1 %	78
[0.1 %, 2.2 %)	88
> 2.2 %	109
No Information	73
Interest Coverage Ratio
<0.0	77
[0.0, 2.4)	87
[2.4, 3.5)	105
> 3.5	123
No Information	68

Indicator	Energy, Extraction, Construction Sector
Range	Points
Cash Ratio
<0.7 %	88
[0.7 %, 1.9 %)	99
> 1.9 %	113
No Information	84
Fixed Asset Usage Ratio
<3.87	100
[3.87, 26.60)	109
> 26.60	119
No Information	85
Interest Coverage Ratio
<-3.69	91
[-3.69, 0.00)	98
[0.00, 1.60)	102
> 1.60	108
No Information	88

Indicator	Manufacturing Sector
Range	Points
Sales to Operating Capital Employed Ratio
< 0.00	75
(0.00, 1.26)	88
[1.26, 2.90)	95
> 2.90	103
No Information	75
Financing Cost to Sales Ratio
<1.8%	110
[1.8 %, 2.4 %)	100
[2.4 %, 4.5 %)	90
> 4.5 %	65
No Information	68
Collection Period from Debtors
<63	96
[63, 200)	91
> 200	81
No Information	79
Cash to Total Asset Ratio
<0.6 %	86
[0.6 %, 7.7 %)	103
> 7.7 %	118
No Information	63

Indicator	Commerce Sector
Range	Points
Total Asset Turnover
<0.93	78
[0.93, 1.28)	82
[1.28, 1.57)	102
> 1.57	114
No Information	54
Financing Cost to Sales Ratio
<1.4 %	96
[1.4 %, 4.8 %)	91
> 4.8%	85
No Information	83
Payment Period to Creditors
<100	97
[100, 215)	92
[215, 431)	88
> 431	79
No Information	76
Cash to Total Asset Ratio
<0.3 %	81
[0.3 %, 1.6 %)	98
> 1.6 %	108
No Information	61

Indicator	Services Sector
Range	Points
Working Capital to Sales Ratio
< 0.0 %	118
(0.0 %, 11.4 %)	128
[11.4 %, 25.0 %)	119
> 25.0 %	104
No Information	79
Gross Profit Margin
<6.0 %	93
[6.0 %, 57.0 %)	109
> 57.0 %	118
No Information	50
Cash Ratio
<0.3 %	97
[0.3 %, 4.1 %)	108
[4.1 %, 23.4 %)	115
> 23.4 %	120
No Information	40

II. Qualitative Credit Score

The Promotion Organizations and Promotion Entities, to determine the qualitative credit score, will sum the points corresponding to the following indicators.

Indicator	Range	Points
Economic Stability	< 7.0 %	124
	>7.0 %	120
	No Information	121
Intensity and Characteristics of Competition	The characteristics reflect significant weaknesses in growth prospects and key financial indicators, profit margins and competitiveness. Extreme instabilities are recorded in the industry based on technological changes, tax and labor regulations. The competitive environment is intensive among multiple competitors fighting for limited demand or monopolistic characteristics with extremely high market entry barriers.	118
	The characteristics of the industry reflect mixed trends in growth and in key financial indicators, profit margins and competitiveness. The industry is considered with some degree of sensitivity to changes in technology.	125
	The characteristics of the industry reflect outstanding and stable growth and performance, its key financial indicators are growing and have little sensitivity.	131
	No Information	123
Clients	Less than 15 % of the company's total annual sales are concentrated in the three main clients at the close of the annual fiscal year.	141
	Between 15 % and 35 % of the company's total annual sales are concentrated in the three main clients at the close of the annual fiscal year.	123
	More than 35 % of the company's total annual sales are concentrated in the three main clients at the close of the annual fiscal year.	97
	No Information	100
Audited Financial Statements	No Information	124
	Audited financial statements during the last 2 years	130
	Audited financial statements during the last year or not audited	118
Organizational Structure	The organizational structure is aligned with the business objectives and the internal control environment is solid.	128
	The organizational structure is somehow inconsistent with respect to the current business objectives. Several organizational changes are observed that have had certain impacts on the debtor's ability to operate and deliver its products in a coordinated and efficient manner.	106
	There are clear weaknesses in the organizational structure that put at high risk the ability to generate sustainable cash flows to face its debt obligations.	60
	No Information	70
Shareholding Composition	A single group or person has more than 33 % of the shareholding.	123
	A single group or person has between 10 % and 33 % of the shareholding.	131
	A single group or person has less than 10 % of the shareholding.	147
	No Information	127

III.- The total credit score will be obtained by applying the following expression:

Where the factors and (1- ) will have the weight indicated in the following table:

Entity Classification	Criterion	Factor	Weight
Small Corporates	Annual Net Sales greater than or equal to 14 million UDIS and less than 54 million UDIS	100 %	(1-) 0 %
Large Corporates	Annual Net Sales greater than or equal to 54 million UDIS	85 %	(1-) 15 %
Decentralized, federal, state and municipal bodies, as well as political parties		100 %	(1-) 0 %

IV.- Definitions

Concept and maximum permissible age at the time of rating (month end)	Definition
Percentage of on-time payments with banking financial entities in the last 12 months	Age no greater than 2 months at the rating date (month end); information corresponding to some credit information company
	Percentage that represent the on-time payments of the Borrower's total exposures with banking financial entities in the last 12 months.
	Where:
	· : Number of payments without days of delay of the company with banking financial entities in the last 12 months.
	· : Number of payments with i to j days of delay of the company with banking financial entities in the last 12 months.
	· : Number of payments with 180 days or more of delay of the company with banking financial entities in the last 12 months.
	Days of Delay: Number of natural days at the date of the rating (month end), during which the Borrower has not settled in full the Amount Payable under the terms originally agreed. This variable must be expressed as an integer greater than or equal to zero.
	Amount Payable: Amount that corresponds to be covered by the Borrower in the agreed period. The Amount Payable must consider both the amount corresponding to the agreed period, as well as the payable amounts of previous unpaid periods, if any.
Percentage of on-time payments with non-banking financial entities in the last 12 months	Age no greater than 2 months at the rating date (month end); information corresponding to some credit information company
	Percentage that represent the on-time payments of the Borrower's total exposures with non-banking financial entities in the last 12 months.
	Where:
	· : Number of payments without days of delay of the company with non-banking financial entities in the last 12 months.
	· : Number of payments with i to j days of delay of the company with non-banking financial entities in the last 12 months.
	· : Number of payments with 180 days or more of delay of the company with non-banking financial entities in the last 12 months.
	Days of Delay: Number of natural days at the date of the rating (month end), during which the Borrower has not settled in full the Amount Payable under the terms originally agreed. This variable must be expressed as an integer greater than or equal to zero.
	Amount Payable: Amount that corresponds to be covered by the Borrower in the agreed period. The Amount Payable must consider both the amount corresponding to the agreed period, as well as the payable amounts of previous unpaid periods, if any.
Maximum number of delays presented in the last 7 months considering the rating month	Calculated at the rating date (month end)
	Where:
	ATR t-n : Number of delays observed at the rating date (month end) , where " t-0 " corresponds to the rating date (month end), and " t-n " corresponds to " n " previous monthly periods to the rating date (month end), which the Promotion Organizations and Promotion Entities will calculate according to the following:
	When days of delay at the rating date (month end) t-n is equal to 0, ATR t-n will take the value of 0.
	The calculation must be made considering all exposures of the Borrower with the Institution.
	Days of Delay: Number of natural days at the date of the rating (month end), during which the Borrower has not settled in full the amount payable under the terms originally agreed. This variable must be expressed as a number greater than or equal to zero.
	Amount Payable: Amount that corresponds to be covered by the Borrower in the agreed period. The Amount Payable must consider both the amount corresponding to the agreed period, as well as the payable amounts of previous unpaid periods, if any.
	In case the Borrower does not have the necessary internal experience time for the calculation of the variable, the calculation will be made with the information available at the time of the rating.
Percentage of balance without days of delay with the Institution in the last 4 months considering the rating month	Calculated at the rating date (month end)
	Where:
	· SSA t-n : Balance of the Borrower with the Institution with 0 days of delay in the period " t " , where t=0 corresponds to the rating date (month end), and t=n corresponds to n previous monthly periods to the rating date (month end).
	· S t-n : Outstanding balance of the Borrower with the Institution in the period " t " , where t=0 corresponds to the rating date (month end), and t=n corresponds to " n " previous monthly periods to the rating date (month end).
	The calculation must be made considering all exposures of the Borrower with the Institution.
	In case the Borrower does not have the necessary internal experience time for the calculation of the variable, the calculation will be made with the information available at the time of the rating.
Return on Equity (ROE)	Age no greater than 18 months at the rating date (month end)
	Proportion that represent the returns on equity:
	Where:
	· Annual Net Income, will be the accumulated net incomes reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
	· Equity, will be the reported in the statement of financial position of the Borrower.
Collection Period from Debtors	Age no greater than 18 months at the rating date (month end)
	Average collection period, in number of days, that a company takes to collect from its clients.
	Where:
	· Accounts and documents receivable, will be the amount reported in the statement of financial position of the Borrower.
	· Annual Income, will be the accumulated incomes reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
Cash to Total Asset Ratio	Age no greater than 18 months at the rating date (month end)
	Proportion that represents the cash over the total asset
	Where:
	· Cash, will be the amount reported in the statement of financial position of the Borrower.
	· Total Asset, will be the amount reported in the statement of financial position of the Borrower.
Interest Coverage Ratio	Age no greater than 18 months at the rating date (month end)
	Proportion that represents the operating income over interest expenses:
	Where:
	· Annual Operating Income or Annual UAFIR, will be the accumulated operating incomes reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
	· Annual Interest Expenses, will be the accumulated interest expenses reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
	When there is information of Annual Interest Expenses of the Borrower in the Comprehensive Income Statement and this value is equal to zero, this variable will be rated with the best score of the corresponding sector.
Cash Ratio	Age no greater than 18 months at the rating date (month end)
	Proportion that represent the sum of Cash plus Short-term Investments with respect to current liabilities:
	Where:
	· Cash, will be the amount reported in the statement of financial position of the Borrower.
	· Short-term Investments, will be the amount reported in the statement of financial position of the Borrower.
	· Current Liabilities, will be the amount reported in the statement of financial position of the Borrower.
Fixed Asset Usage Ratio	Age no greater than 18 months at the rating date (month end)
	Efficiency in the utilization of the fixed asset to generate income:
	Where:
	· Annual Income, will be the accumulated incomes reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
	· Property, Plant and Equipment, will be the amount reported in the statement of financial position of the Borrower.
Sales to Operating Capital Employed Ratio	Age no greater than 18 months at the rating date (month end)
	Use of operating capital employed:
	Where:
	· Annual Income, will be the accumulated incomes reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
	· Total Asset, will be the amount reported in the statement of financial position of the Borrower.
	· Current Liabilities, will be the amount reported in the statement of financial position of the Borrower.
Financing Cost to Sales Ratio	Age no greater than 18 months at the rating date (month end )
	Proportion that represent the interest expenses with respect to income.
	Where:
	· Annual Interest Expenses, will be the accumulated interest expenses reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
	· Annual Income, will be the accumulated incomes reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
Total Asset Turnover	Age no greater than 18 months at the rating date (month end)
	Proportion that represent the total net sales over the total asset
	Where:
	· Annual Income, will be the accumulated incomes reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
	· Total Asset, will be the amount reported in the statement of financial position of the Borrower.
Payment Period to Creditors	Age no greater than 18 months at the rating date (month end)
	Average payment period, in number of days, that the company takes to pay loans and suppliers.
	Where:
	· Suppliers, will be the amount reported in the statement of financial position of the Borrower.
	· Short-term Loans, will be the amount reported in the statement of financial position of the Borrower.
	· Annual Cost of Sales, will be the accumulated costs of sales reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
Working Capital to Sales Ratio	Age no greater than 18 months at the rating date (month end)
	Proportion that represent the current assets minus current liabilities with respect to Total Net Sales.
	Where:
	· Current Asset, will be the amount reported in the statement of financial position of the Borrower.
	· Current Liabilities, will be the amount reported in the statement of financial position of the Borrower.
	· Annual Income, will be the accumulated incomes reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
Gross Profit Margin	Age no greater than 18 months at the rating date (month end )
	Proportion of free income after covering the cost of sales.
	Where:
	· Annual Gross Profit, will be the accumulated gross profits reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation
	· Annual Income, will be the accumulated incomes reported in the comprehensive income statement of the Borrower, considering a time horizon of the last 12 months. In the case of newly created Borrowers that do not have 12 months of financial information or its equivalent at the rating date (month end), the totality of the information available at the rating date (month end) must be used to perform the calculation.
Economic Stability	Age no greater than 18 months at the rating date (month end )
	Volatility of the annual variations of the Real Gross Domestic Product of the economic activity according to the SCIAN key described in this Annex in which the company operates:
	Where:
	· = Standard deviation of the annual variations of the Real GDP.
	· = Annual variation of the Real Gross Domestic Product of the quarter t in the year
	· = Real Gross Domestic Product of the quarter t corresponding in the year i .
	· Mean of the annual variations of the Real GDP, will be estimated with a historical load of at least one year, for the economic activity in which the company operates.
	· = Number of quarters considered in the calculation.
Intensity and characteristics of the competition	Age no greater than 18 months at the rating date (month end)
	Evaluate the main factors that have an impact on the main activities of the industry taking into account: the

growth and performance of the industry, key competitors, market share, way in which prices are assigned and prevailing conditions in the market.

Criterion	Requirement	Description
Clients	Age not greater than 18 months at rating date (month end)	Level of flexibility of the company to diversify its clients within the economic activity it develops.
Audited financial statements	Age not greater than 24 months at rating date (month end)	Adherence and transparency to accounting standards and disclosure of results by the individual or legal entity. The periodicity with which financial statements have been audited by an external firm will be evaluated.
Organizational structure	Age not greater than 18 months at rating date (month end)	Consistency of the organizational structure with business objectives.
Shareholding composition	Age not greater than 18 months at rating date (month end)	Development Organisms and Development Entities must evaluate the composition of shareholding ownership in order to know the company's risk propensity in decision making.

For the case of credits charged to individuals or legal entities with business activity with Net Income or Net Sales annually greater than or equal to the equivalent in national currency to 14 million UDIs, with domicile abroad that do not have payment experience information within national credit information companies, but who have a credit rating issued by a recognized prestige rating agency and whose long-term global scale rating is equal to or better than risk grade 2 of Annex 2 of these provisions, a probability of default of 0.5% will be assigned directly. In the event that the credit rating on a global scale is lower than risk grade 2 of Annex 2 and there is no payment experience information within national credit information companies, points from the "No Information" range of the predominant economic sector of the borrower must be assigned.

Development Organisms and Development Entities must assign points from the "No Information" range when an indicator does not comply with what is established in Section IV Definitions of this Annex."

1
Income generated by an entity from the sale of inventories, provision of services or any other concept derived from its operating activities and that represent the main source of income for the entity (NIF B-3).

2
As of the date of the financial statements (last natural day).

3
The SCIAN classification system consists of 6 digits aggregated in 5 levels. For the purposes of this annex only the first two digits that refer to the Economic Sector shall be considered.

4
Income generated by an entity from the sale of inventories, provision of services or any other concept derived from its operating activities and that represent the main source of income for the entity (NIF B-3).

5
As of the date of the Financial Statements (last natural day).

6
The SCIAN classification system consists of 6 digits aggregated in 5 levels. For the purposes of this annex only the first two digits that refer to the Economic Sector shall be considered.

In the document you are viewing there may be text, characters or objects that are not displayed correctly due to conversion to HTML format, so we recommend always taking as reference the digitized image of the Official Gazette of the Federation or the PDF file of the edition. The content, form and scope of the published documents, are strictly the responsibility of their issuer.

SEARCH BY DATE

Su Mo Tu We Th Fr Sa

INDICATORS

Exchange Rate and Rates as of 26/08/2026

DOLLAR
16.9460 UDIs
8.807698 TIIE 28 DAYS
6.7559% TIIE 91 DAYS
6.7931% TIIE 182 DAYS
6.8474% FUNDING TIIE
6.50%

SURVEYS

Did you like the new image of the Official Gazette of the Federation website?

No
Yes

Official Gazette of the Federation

Río Amazonas No. 62, Col. Cuauhtémoc, Postal Code 06500, Mexico City Tel. (55) 5093-3200, where you can access our services menu

Electronic address: dof.gob.mx

113

I-C Financial Risk Factor

II. Qualitative Credit Score

III.- The total credit score will be obtained by applying the following expression:

IV.- Definitions

Lineage: No known changes

Similar documents from other regulators