Regulatory Alerts2022-08-19 | Circular 9/2022Added · Updated
Circular 9/2022 — Modifies Circular 39/2020
This circular updates the correspondence tables for long-term and short-term local-scale credit ratings contained in Annexes 2 and 4 of Circular 39/2020 to align with recent nomenclature changes by rating agencies. The modifications apply to credit institutions, insurance companies, securities firms, investment funds, and other financial entities regulated by the Bank of Mexico. The updated tables redefine the equivalencies between the Bank's internal rating levels (such as N1mx through N24mx for long-term and R-1.N through Nvimx for short-term) and the ratings assigned by S&P, Moody’s, Fitch, HR Ratings, Verum, A.M. Best, and DBRS. The circular entered into force the day after its publication in the Official Gazette on August 22, 2022.
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