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2026-06-05 | DOF 5789644

Added 2026-08-22 · Updated 2026-08-23

Resolution modifying the General Provisions applicable to credit institutions

The CNBV modifies the General Provisions applicable to credit institutions to align regulatory references with the new legal structure of state public companies and Baseline III standards. The amendments update definitions for Expected Loss and Modellable Credit Portfolios, adjust capital deductions for differences between Expected Losses and Admissible Reserves, and set a 100% net capital limit for large exposures to Group IV entities. Additionally, the resolution replaces Annexes 20 and 22 to redefine credit scoring methodologies for financial entities and corporate borrowers with annual net sales or income exceeding 14 million UDI equivalents.

Mexico

Secretaria de Hacienda y Credito Publico

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DOF: 05/06/2026

RESOLUTION modifying the General Provisions applicable to credit institutions

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- Treasury.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, with the prior approval of its Board of Directors, hearing the opinion of the Bank of Mexico and based on the provisions of articles 50, paragraphs first, third and fifth; 51; 51 Bis; 76 and 98 Bis, of the Credit Institutions Law, as well as 4, fractions II, IV, XXXVI and XXXVIII, and 16, fractions I and VI of the National Banking and Securities Commission Law, and

CONSIDERING

That, the Credit Institutions Law empowers the National Banking and Securities Commission to, with the approval of its Board of Directors and prior opinion of the Bank of Mexico, issue general provisions through which the capital requirements that credit institutions must observe are established, the limits in matters of risk diversification that they must observe for entities or market segments that represent a concentration of credit, market or even operational risks, the bases for the qualification of the credit portfolio, as well as, the integration of preventive reserves that must be constituted for each rating range, based on the level of risk of the credits;

That, derived from the "Decree by which the Law of the State Public Company of the State, Federal Electricity Commission; the Law of the State Public Company of the State, Mexican Petroleum; the Electricity Sector Law; the Hydrocarbons Sector Law; the Planning and Energy Transition Law; the Biofuels Law; the Geothermal Law; and, the Law of the National Energy Commission; various provisions of the Law of the Mexican Petroleum Fund for Stabilization and Development are reformed; and, various provisions of the Organic Law of the Federal Public Administration are reformed, added and repealed" (Decree) published in the Official Journal of the Federation on March 18, 2025, the structure of the organisms that make up the Federal Public Administration was modified, and

That, in order to provide legal certainty to the Commission and to credit institutions, it is necessary to make modifications to the "General Provisions applicable to credit institutions" regarding the framework of: i) capital requirements for credit risk; ii) preventive reserves, and iii) risk diversification in the conduct of active operations, with the purpose of clarifying the changes in the legal nature of "productive state companies" to "state public companies", the homologation of the reference of the organisms that make up the federal government and other public entities that are not contemplated, as well as homologating the reference of the organisms that are part of the term "sovereign" as referred to in the international standard of the Basel Committee, in the document titled "Basel III: Global regulatory framework for strengthening banks and banking systems", has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO

CREDIT INSTITUTIONS

SINGLE. - Articles 1, fractions XXIX Bis, first paragraph, CXXX and CXXXI; 2 Bis 6 first paragraph, as well as its fraction I, subsection k); 2 Bis 12, fractions III, VI and VII; 2 Bis 13, fraction III; 2 Bis 14, fraction IV; 2 Bis 15, fractions I and IV, as well as its third paragraph; 2 Bis 95; 54, fourth paragraph and fraction III;

56, first paragraph, as well as its

fractions I and V; 99, fraction I, in its section on "Willingness to Pay Remodeling"; 112, fractions II and VI; are REFORMED;

Articles 1, first paragraph, fractions XXIV and XXIX, third paragraph; 2 Bis 15, first paragraph, fractions II and

III; are REPEALED;

Fraction VII is ADDED in Article 112, second paragraph; and Annexes 20 "DETERMINATION OF THE TOTAL CREDIT SCORE FOR CREDITS CHARGED TO FINANCIAL ENTITIES" and 22 "DETERMINATION OF THE TOTAL CREDIT SCORE FOR CREDITS CHARGED TO CORPORATE ENTITIES (OTHER THAN FEDERAL ENTITIES, MUNICIPALITIES AND FINANCIAL ENTITIES) AND NATURAL PERSONS WITH BUSINESS ACTIVITY, WITH NET INCOME OR NET SALES EQUAL TO OR GREATER THAN THE EQUIVALENT IN NATIONAL CURRENCY TO 14 MILLIONS OF UDI 's", of the "General Provisions applicable to credit institutions", published in the Official Journal of the Federation on December 2, 2005 and modified through various resolutions published in said official medium of dissemination, are SUBSTITUTED, to read as follows:

" Article 1.-

. .

I. to XXIII.

. . .

XXIV.

Repealed.

XXV. to XXVIII.

. . .

XXIX.

. . .

a) to c)

. . .

Repealed.

XXIX Bis.

Modellable Portfolios: the set of credit portfolios that are not granted to federal entities and municipalities, dependencies and entities of the Centralized and Parastatal Federal Public Administration nor corresponding to credits for projects with own source of payment.

. . .

XXX. to CXXIX.

. . .

CXXX.

Expected Loss: the mean of the probability distribution of the amount of losses of an asset, which will be determined by multiplying the Probability of Default by the product of the Loss Given Default and the Exposure at Default.

In the case of Institutions authorized to use an Internal Ratings-Based Model, for the calculation of their capital requirements for credit risk, they must adhere to what is established in article 2 Bis 92 of these provisions.

Institutions that use the Standardized Method, for the calculation of their capital requirements for credit risk, must adhere to what is provided in Chapter V Bis of Title Second of these provisions.

CXXXI.

Total Expected Losses: the sum of the amount of Expected Loss of each of the individual positions subject to credit risk.

CXXXII. to CXCVII.

. . . "

" Article 2 Bis 6.- The basic part of Net Capital, will be integrated by Fundamental Capital and Non-Fundamental Basic Capital, which consider the following concepts:

. . .

LESS:

b) to j)

. . .

The positive difference between Total Expected Losses minus Total Admissible Reserves, both balances determined under Internal Ratings-Based Models in the determination of their capital requirements.

l) to t)

. . .

II.

. . .

. . . "

" Article 2 Bis 12.-

. . .

I. and II.

. . .

III.

Operations Subject to Credit Risk with or charged to the dependencies that make up the Centralized Federal Public Administration referred to in article 1 of the Organic Law of the Federal Public Administration.

IV. and V.

. . .

VI.

Operations Subject to Credit Risk with or charged to any of the following organisms: Bank for International Settlements, International Monetary Fund, European Central Bank and the European Union.

VII.

The other Operations authorized by the Commission that are assimilated to this group in accordance with what is established in article 2 Bis 4 of these provisions.

. . . "

" Article 2 Bis 13.-

. . .

I. and II.

. . .

III.

The other Operations authorized by the Commission that are assimilated to this group in accordance with what is established in article 2 Bis 4 of these provisions.

. . .

Article 2 Bis 14.-

. . .

I. to III.

. . .

IV.

The other Operations authorized by the Commission that are assimilated to this group in accordance with what is established in article 2 Bis 4 of these provisions.

. . .

Article 2 Bis 15.-

. . .

Operations Subject to Credit Risk with or charged to entities of the Parastatal Federal Public Administration referred to in article 3 of the Organic Law of the Federal Public Administration, with the exception of the IPAB.

II.

Repealed.

III.

Repealed.

IV.

The other Operations authorized by the Commission that are assimilated to this group in accordance with what is established in article 2 Bis 4 of these provisions.

. . .

Without prejudice to what is established in the previous paragraph, the Operations Subject to Credit Risk with or charged to the members of this group in which, in accordance with their respective organic laws, the Federal Government responds at all times for said operations, will have a credit risk weighting of 0 (zero) percent. "

" Article 2 Bis 95.- Institutions authorized to use an Internal Ratings-Based Model must compare Total Expected Losses with Total Admissible Reserves corresponding to this method, according to the following:

When Total Expected Losses are greater than Total Admissible Reserves, such difference must be deducted in accordance with what is established in subsection k) of fraction I of article 2 Bis 6 of these provisions.

II.

If Total Admissible Reserves turn out to be greater than Total Expected Losses, such difference must receive the treatment established in subsection a), fraction III of article 2 Bis 7 of these provisions. "

" Article 54.- . . .

. . .

Additionally, Institutions will apply the following limits to the Large Exposures described below:

I. and II.

. . .

III.

Each of the Large Exposures that the Institution in question maintains with the members of group IV referred to in article 2 Bis 15 of these provisions, must be subject to a maximum limit that does not exceed 100 percent of the basic part of the Net Capital of the respective Institution.

. . .

. . . "

" Article 56.- Institutions will not be obliged to be subject to the maximum limits established in article 54 of these provisions, when they enter into Financing with:

The Centralized Federal Public Administration referred to in article 1 of the Organic Law of the Federal Public Administration, as well as with those credit subjects with respect to which the Federal Government grants its guarantee in terms of the Federal Public Debt Law and, if applicable, the Law of Financial Discipline of the Federal Entities and Municipalities.

II. to IV.

. . .

The members of group IV referred to in article 2 Bis 15 of these provisions, with respect to which, in accordance with their respective organic laws, the Federal Government responds at all times for the Operations Subject to Credit Risk subject of this section.

VI. to X.

. . .

. . . "

" Article 99.- . . .

. . .

. . .\

Total assets less than or equal to 2,500 million UDIs

100%

(1- a )

Large entities

Total assets greater than 2,500 million UDIs

75%

(1- a )

25%

IV.- Definitions

Concept and maximum

permissible age

at the time of

rating

Definition

Average days of delinquency

with banking financial

entities in the

last 12 months

(Age not greater than

2 months as of the

rating date (month-end); information

corresponding to

any Credit Information Society)

Number of average days of delinquency that the borrower has with banking financial entities in the last 12

months.

Where:

NPSA12: Number of payments without days of delay by the borrower with banking financial entities in the

last 12 months.

NPCA12 i-j: Number of payments with i to j days of delay by the borrower with banking financial entities

in the last 12 months.

NPCA12 180: Number of payments with 180 days or more of delay by the borrower with banking financial

entities in the last 12 months.

Days of Delay: Number of calendar days as of the rating date, during which the borrower has not

fully settled the Amount Due in the originally agreed terms.

Amount Due: Amount that corresponds to be covered by the borrower in the agreed period. The Amount Due shall

consider both the amount corresponding to the agreed period, as well as the due amounts from previous

periods not paid, if any.

Percentage of payments

on time with

non-banking financial

entities in the

last 12 months

(Age not greater than

2 months as of the

rating date (month-end); information

corresponding to

any Credit Information Society)

Percentage that the on-time payments represent of the total exposures of the borrower with non-banking financial

entities in the last 12 months.

Where:

NPSA12N: Number of payments without days of delay by the borrower with non-banking financial entities in

the last 12 months.

NPCAN i-j: Number of payments with i to j days of delay by the borrower with non-banking financial entities

in the last 12 months.

NPCAN 180: Number of payments with 180 days or more of delay by the borrower with non-banking financial

entities in the last 12 months.

Days of Delay: Number of calendar days as of the rating date, during which the borrower has not

fully settled the Amount Due in the originally agreed terms.

Amount Due: Amount that corresponds to be covered by the borrower in the agreed period. The Amount Due shall

consider both the amount corresponding to the agreed period, as well as the due amounts from previous

periods not paid, 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 as of the

rating date (month-end) for regulated financial entities;

information with

age not greater than

18 months as of the

rating date (month-end) for non-regulated financial entities and regulated

entities for which only

annual financial statements are available)

Proportion of interest expenses with respect to interest income:

Where:

Annual Interest Expenses, will be the accumulated interest expenses 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 as of the rating date (month-end), the total available information

as of the rating date (month-end) shall be used to perform the calculation.

For entities with monthly information, the figure resulting from summing the interest expenses

of the last 12 months available will be used.

For entities with quarterly information, corresponding to the closing of the months of March, June,

September and December, the figure resulting from summing the interest expenses of the last

4 available quarters will be used.

When annual information of the borrower is available, the figure reported in the Comprehensive Income

Statement thereof will be used.

Annual Interest Income, will be the accumulated 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 as of the rating date, the total available information as of the

· rating date (month-end) shall be used to perform the calculation.

For entities with monthly information, the figure resulting from summing the interest income

of the last 12 months available will be used.

For entities with quarterly information, corresponding to the closing of the months of March, June,

September and December, the figure resulting from summing the interest income of the

last 4 available quarters will be used.

When annual information of the borrower is available, the figure reported in the Comprehensive Income

Statement thereof will be used.

Return on Equity (ROE)

(Information with

age not greater than

4 months as of the

rating date (month-end) for regulated financial entities;

information with

age not greater than

18 months as of the

rating date (month-end) for non-regulated financial entities and regulated

entities for which only

annual financial statements are available)

Proportion that returns on equity capital represent:

Where:

Annual Net Profit, will be the accumulated 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 as of the rating date (month-end), the total available information

as of the rating date (month-end) shall be used to perform the calculation.

For entities with monthly information, the figure resulting from summing the net profits

of the last 12 months available will be used.

For entities with quarterly information, corresponding to the closing of the months of March, June,

September and December, the figure resulting from summing the net profits of the last 4

available quarters will be used.

When annual financial statements of the borrower are available, the figure reported in the

Comprehensive Income Statement thereof will be used.

Equity Capital, will be that reported in the Financial Position Statement of the financial entity. In the

case of newly created financial entities that do not have 12 months of financial information as of

the rating date (month-end), the total available information as of the date

of rating (month-end) shall be used to perform the calculation.

Delinquency Index

(IMOR)

(Information with

age not greater than

4 months as of the

rating date (month-end) for regulated financial entities;

information with

age not greater than

18 months as of the

rating date (month-end) for non-regulated financial entities and regulated

entities for which only

annual financial statements are available)

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.

Credit portfolio with credit risk stage 1 and 2 or current, will be the amount reported in the Statement

of Financial Position of the financial entity.

Credit portfolio with credit risk stage 3 or past due, will be the amount reported in the Statement of

Financial Position of the financial entity.

Interest income to

total assets

(Information with

age not greater than

4 months as of the

rating date (month-end) for regulated financial entities;

information with

age not greater than

18 months as of the

rating date (month-end) for non-regulated financial entities and regulated

entities for which only

annual financial statements are available)

Proportion that interest income represents over total assets:

Where:

Annual Interest Income, will be the accumulated 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 as of the rating date (month-end), the total available information

as of the rating date (month-end) shall be used to perform the calculation.

For entities with monthly information, the figure resulting from summing the interest income

of the last 12 months available will be used.

For entities with quarterly information, corresponding to the closing of the months of March, June,

September and December, the figure resulting from summing the interest income of the

last 4 available quarters will be used.

When annual information of the borrower is available, the figure reported in the Comprehensive Income

Statement thereof will be used.

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 as of the

rating date (month-end) for regulated financial entities;

information with

age not greater than

18 months as of the

rating date (month-end) for non-regulated financial entities and regulated

entities for which only

annual financial statements are available)

Net Capital to Risk-Weighted Assets. - Proportion of Net Capital with respect to risk-weighted assets (Only for multiple banking institutions).

Equity Capital to Total Assets. - Proportion of equity capital with respect to assets (Only for

entities that do not have Net Capital information, risk-weighted assets or the Capitalization Index

is not revealed).

Proportion of long-term

liabilities plus

immediately payable

liabilities

with respect to the

Credit Portfolio

(Information with

age not greater than

4 months as of the

rating date (month-end) for regulated financial entities;

information with

age not greater than

18 months as of the

rating date (month-end) for non-regulated financial entities and regulated

entities for which only

annual financial statements are available)

Proportion of long-term liabilities plus immediately payable liabilities with respect to the Credit Portfolio.

Long-term liabilities + immediately payable liabilities = Immediately payable deposits +

bank loans and long-term loans from other organizations

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 what is provided for in Article 1, fraction XXIX, subsection c) of these provisions.

Maximum number of

delays presented in

the last 7 months

considering the

rating month

(Calculated as of the

rating date (month-end))

Where:

: Number of delays observed as of the rating date, where " t-0 " corresponds to

the date of

rating, and " t-n " corresponds to " n " monthly periods prior to the rating date (month-end),

which Institutions will calculate as follows:

When days of delay as of the rating date (month-end) t-n is equal to 0, it will take the value of

The calculation must be performed considering all exposures of the borrower with the Institution.

Days of Delay: Number of calendar days as of the rating date (month-end), during which the

borrower has not fully settled the due amount

in the originally agreed terms. This

variable must be expressed as a number and must be greater than or equal to zero.

Due Amount: Amount that corresponds to be covered by the borrower in the agreed period. The due amount shall

consider both the amount corresponding to the agreed period, as well as the due amounts from previous

periods not paid, if any.

In the case of newly created credit-granting financial entities that do not have the time of

internal experience, 84 points will be assigned directly to this variable.

In the case of financial entities other than newly created credit-granting entities that do not have

internal experience time, 113 points will be assigned directly to this variable.

Diversification of

types of sources of

financing

(Age not greater than

18 months as of the

Rating Date (month-end))

Level of flexibility of the financial entity to diversify its types of financing sources. Consider

financing through debt markets, shareholders, capital contributions, term loans and

wholesale and retail deposits.

Issuance of debt securities

in public offering

(Age not greater than

18 months as of the

Rating Date (month-end))

Existence of public offering debt issuances by the financial entity.

Shareholder composition

(Age not greater than

18 months as of the

Rating Date (month-end))

Concentration of shareholding participation by those groups or individuals or legal entities 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 case that the referred shareholding participation is greater than 90% of the share capital of the financial

entity, the shareholder composition of the parent entity will be considered.

Quality of Corporate

Governance

(Age not greater than

18 months as of 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 higher 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 officials in

administration

(Age not greater than

18 months as of 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 as of the

Rating Date (month-end))

Frequency with which the financial statements of the financial entity have been audited by a

recognized prestigious external firm

For the case of financial entities with domicile abroad that do not have payment experience information within

national credit information societies, but that have a credit rating issued by a recognized prestigious rating agency and whose global long-term rating scale is equal to or better 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 global credit rating scale results lower than risk grade 2 of Annex 1-B and

no payment experience information is available within national credit information societies,

the points from the " No Information " range must be assigned for the indicators of the " payment experience risk factor with

credit information societies " in section I-A.

Institutions must assign the points from the " No information " range, when an indicator does not comply with what

is established in Section IV Definitions of this Annex.

ANNEX 22

DETERMINATION OF TOTAL CREDIT SCORE FOR CREDITS ISSUED TO

CORPORATE PERSONS

(DISTINCT FROM FEDERAL ENTITIES, MUNICIPALITIES

AND

FINANCIAL ENTITIES) AND NATURAL PERSONS WITH

BUSINESS ACTIVITY,

WITH ANNUAL NET INCOME (1) OR NET SALES GREATER THAN OR EQUAL TO

THE

EQUIVALENT IN NATIONAL CURRENCY TO 14 MILLION UDIs 2

Prior to determining the total credit score of credits granted to the borrowers referred to in

this Annex, Institutions must classify each borrower in the economic sector where they have the greatest

preponderance, taking into account for this the economic sector from which they obtain the majority of their income. For such

classification, the keys corresponding to each economic sector will be considered in accordance with the catalog from the

National Institute of Statistics and Geography (INEGI) called " North American Industry Classification System "

(NAICS):

Sector

Description

NAICS Keys

Agricultural

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

following: agriculture, livestock farming, forestry use, fishing and hunting.

Exploitation, Energy and

Construction

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

following: mining, electricity, water and gas supply by ducts to the

final consumer or construction. Or, when the classification of the borrower

cannot be performed.

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 trade 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,

mass media information, financial and insurance services (distinct from

those indicated in Annex 20 of these provisions), real estate services

and rental of movable and intangible goods, professional, scientific and

technical services, corporate and business management, support services for

businesses and waste management and remediation services,

educational services, health and social assistance services, entertainment services,

cultural and sports services, and other recreational services, temporary lodging

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

Institutions will calculate the PI i of each borrower considering only the information with the age

required, established in Section IV Definitions of this Annex; otherwise, they must consider as if they

did not have (2)

such information, assigning the points corresponding to the " No information " range.

Regarding the substitution of the borrower's information by that of the guarantor for the calculation of the

Probability of Default, 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 experiences with the Institution itself and it is verified that they do not have

negative payment experiences in Credit Information Societies. In any other case, the scores

corresponding to the " No information " range will be assigned to the variables of the Payment Experience Risk Factor with the Institution.

Institutions will estimate the PI i 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

Institutions will determine the quantitative credit score of credits granted to legal or natural

persons that correspond to this Annex, based on the score determined for the risk factors I-A, I-B and I-C, as well

as according to the sector in which the borrower was classified. The quantitative credit score will be obtained as

the 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 society information

For the purposes of calculating the indicators that make up this risk factor, Institutions will consider the

credit information with banking 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 societies have as of the rating date.

Indicator

Agricultural Sector

Range

Points

Percentage of on-time payments with banking financial entities in the

last 12 months.

[0%, 60%]

[61%, 74%]

[75%, 94%]

[95%, 100%]

103

No information

Percentage of on-time payments with non-banking financial entities in

the last 12 months.

[0%, 78%]

[79%, 96%]

[97%, 100%]

No information

Indicator

Energy, Exploitation, Construction Sector

Range

Points

Percentage of on-time payments with banking financial entities in the

last 12 months.

[0%, 92%]

[93%, 99%]

100%

127

No information

Percentage of on-time payments with non-banking financial entities in

the last 12 months.

[0%, 78%]

[79%, 99%]

100%

118

No information

Indicator

Manufacturing Sector

Range

Points

Percentage of on-time payments with banking financial entities in the

last 12 months.

[0%, 85%]

[86%, 92%]

[93%, 95%]

[96%, 99%]

100%

115

No information

Percentage of on-time payments with non-banking financial entities in

the last 12 months.

[0%, 73%]

[74%, 91%]

[92%, 98%]

[99%, 100%]

No information

Indicator

Commerce Sector

Range

Points

Percentage of on-time payments with banking financial entities in the

last 12 months.

[0%, 65%]

[66%, 82%]

[83%, 88%]

[89%, 93%]

[94%, 100%]

102

No information

Percentage of on-time payments with non-banking financial entities in

the last 12 months.

[0%, 88%]

[89%, 98%]

[99%, 100%]

103

Sin información

Indicator

Services Sector

Range

Points

Percentage of on-time payments to banking financial entities in the

last 12 months.

[0%, 57%]

[58%, 76%]

[77%, 91%]

[92%, 97%]

[98%, 99%]

107

100%

115

Sin información

114

Percentage of on-time payments to non-banking financial entities in

the last 12 months.

[0%, 81%]

[82%, 99%]

100%

107

Sin información

104

I-B Payment Experience Risk Factor

Indicator

Agricultural Sector

Range

Points

Maximum number of delays presented in the last 7 months considering

the rating month

-50

-100

No Information

Percentage of balance without days of delay with the Institution in the last 4

months considering the rating month

[0%, 47%)

[47%, 68%)

[68%, 98%)

98%

No Information

Indicator

Energy, Exploitation, Construction Sector

Range

Points

Maximum number of delays presented in the last 7 months considering

the rating month

121

-57

No Information

Percentage of balance without days of delay with the Institution in the last 4

months considering the rating month

[0%, 50%)

[50%, 71%)

[71%, 95%)

[95%, 100%)

100%

102

No Information

Indicator

Manufacturing Sector

Range

Points

Maximum number of delays presented in the last 7 months considering

the rating month

-28

No Information

Percentage of balance without days of delay with the Institution in the last 4

months considering the rating month

[0%, 67%)

[67%, 82%)

[82%, 96%)

96%

No Information

Indicator

Commerce Sector

Range

Points

Maximum number of delays presented in the last 7 months considering

the rating month

-43

No Information

Percentage of balance without days of delay with the Institution in the last 4

months considering the rating month

[0%, 56%)

[56%, 93%)

[93%, 100%)

100%

No Information

Indicator

Services Sector

Range

Points

Maximum number of delays presented in the last 7 months considering

the rating month

115

-11

No Information

Percentage of balance without days of delay with the Institution in the last 4

months considering the rating month

[0%, 65%)

[65%, 87%)

[87%, 100%)

100%

107

No Information

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, Institutions must assign the rated entity the score corresponding to the "No Information" range.

Indicator

Agricultural Sector

Range

Points

Return on Equity (ROE)

Both indicator inputs are

negative

<-0.7%

[-0.7%, 3.2%)

[3.2%, 13.4%)

13.4%

112

No information

Collection period from debtors

<38

103

[38, 91)

No information

Cash to total assets ratio

<0.1%

[0.1%, 2.2%)

2.2%

109

No information

Interest coverage ratio

<0.0

[0.0, 2.4)

[2.4, 3.5)

105

3.5

123

No information

Indicator

Energy, Exploitation, Construction Sector

Range

Points

Cash Ratio.

<0.7%

[0.7%, 1.9%)

1.9%

113

No information

Fixed assets usage ratio

<3.87

100

[3.87, 26.60)

109

26.60

119

No information

Interest coverage ratio

<-3.69

[-3.69, 0.00)

[0.00, 1.60)

102

1.60

108

No information

Indicator

Manufacturing Sector

Range

Points

Sales to employed operating capital ratio

£ 0.00

(0.00, 1.26)

[1.26, 2.90)

2.90

103

No information

Financing cost to sales ratio

<1.8%

110

[1.8%, 2.4%)

100

[2.4%, 4.5%)

4.5%

No information

Collection period from debtors

<63

[63, 200)

200

No information

Cash to total assets ratio

<0.6%

[0.6%, 7.7%)

103

7.7%

118

No information

Indicator

Commerce Sector

Range

Points

Total asset turnover

<0.93

[0.93, 1.28)

[1.28, 1.57)

102

1.57

114

No information

Financing cost to sales ratio

<1.4%

[1.4%, 4.8%)

4.8%

No information

Accounts payable payment period

<100

[100, 215)

[215, 431)

431

No information

Cash to total assets ratio

<0.3%

[0.3%, 1.6%)

1.6%

108

No information

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.

Gross profit margin

<6.0%

[6.0%, 57.0%)

109

57.0%

118

No information

Cash Ratio

<0.3%

[0.3%, 4.1%)

108

[4.1%, 23.4%)

115

23.4%

120

No information

II.- Qualitative Credit Score

Institutions, to determine the qualitative credit score, will add 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 the

competition

The characteristics reflect important weaknesses in growth prospects and in 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 barriers to

market entry.

118

The industry characteristics reflect mixed trends in growth and

in key financial indicators, profit margins and

competitiveness. The industry is considered to have some degree of sensitivity to

technology changes.

125

The industry characteristics reflect outstanding and stable growth and performance, its key financial indicators are growing and

have little sensitivity.

131

No Information.

123

Customers

Less than 15% of the company's total annual sales are

concentrated in the three main customers at the end of the fiscal year.

141

Between 15% and 35% of the company's total annual sales are

concentrated in the three main customers at the end of the fiscal year.

123

More than 35% of the company's total annual sales are concentrated

in the three main customers at the end of the fiscal year.

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 unaudited.

118

Organizational structure

The organizational structure is aligned with business objectives and the

internal control environment is solid.

128

The organizational structure is somehow inconsistent with

respect to 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 meet its debt obligations.

No information.

Shareholder composition

A single group or person holds more than 33% of the shareholding.

123

A single group or person holds between 10% and 33% of the shareholding.

131

A single group or person holds less than 10% of the shareholding.

147

No information

127

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

Where the factors a and (1- a ) 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- a )

Large Corporates

Annual Net Sales greater than or equal to 54

million UDIS

85%

(1- a )

15%

State and municipal decentralized agencies, as well as political parties

100%

(1- a )

IV.- Definitions

Concept and maximum

permissible age

at the time of

rating (month-end)

Definition

Percentage of on-time

payments to banking

financial entities in the

last 12 months

(Maximum age no greater

than 2 months from the

rating date (month-end);

information corresponding to

any Credit Information Society)

Percentage that represents the on-time payments of the rated entity's total exposures to banking

financial entities in the last 12 months.

Where:

: Number of on-time payments by the company to banking financial entities in

the last 12 months.

: Number of payments with i to j days of delay by the company to banking financial entities in

the last 12 months.

: Number of payments with 180 days or more of delay by the company to banking financial entities in

the last 12 months.

Days of Delay: Number of calendar days to the rating date (month-end), during which the

rated entity has not fully settled the Required Amount on the terms originally agreed. This

variable must be expressed as an integer greater than or equal to zero.

Required Amount: Amount corresponding to be paid by the rated entity in the agreed period. The Required Amount must

consider both the amount corresponding to the agreed period, as well as the required amounts from previous

periods unpaid, if any.

Percentage of on-time

payments to

non-banking financial

entities in the

last 12 months

(Maximum age no greater

than 2 months from the

rating date (month-end);

information corresponding to

any Credit Information Society)

Percentage that represents the on-time payments of the rated entity's total exposures to non-banking

financial entities in the last 12 months.

Where:

: Number of on-time payments by the company to non-banking financial entities in

the last 12 months.

: Number of payments with i to j days of delay by the company to non-banking financial entities in

the last 12 months.

: Number of payments with 180 days or more of delay by the company to non-banking financial entities in

the last 12 months.

Days of Delay: Number of calendar days to the rating date (month-end), during which the

rated entity has not fully settled the Required Amount on the terms originally agreed. This

variable must be expressed as an integer greater than or equal to zero.

Required Amount: Amount corresponding to be paid by the rated entity in the agreed period. The Required Amount must

consider both the amount corresponding to the agreed period, as well as the required amounts from previous

periods unpaid, if any.

Maximum number of

delays presented in

the last 7 months

considering the month

of rating

(Calculated on the rating date

(month-end))

Where:

: 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" monthly periods prior to the rating date (month-end), which Institutions will calculate as follows:

When days of delay at the rating date (month-end) t-n is equal to 0, it will take the value of 0.

The calculation must be performed considering all exposures of the rated entity with the Institution.

Days of Delay: Number of calendar days to the rating date (month-end), during which the

rated entity has not fully settled the required amount on the terms originally agreed. This

variable must be expressed as a number greater than or equal to zero.

Required amount: Amount corresponding to be paid by the rated entity in the agreed period. The required amount must

consider both the amount corresponding to the agreed period, as well as the required amounts from previous

periods unpaid, if any.

In the event that the rated entity does not have the necessary internal experience time for the calculation of the

variable, the calculation will be performed with the information available at the time of rating.

Percentage of balance

without days of delay with

the Institution in the

last 4 months

considering the month

of rating

(Calculated on the rating date

(month-end) )

Where:

SSA t-n : Balance of the rated entity with the Institution with 0 days of delay in period "t", where t=0

corresponds to the rating date (month-end), and t=n corresponds to n monthly periods

prior to the rating date (month-end).

S t-n : Outstanding balance of the rated entity with the Institution in period "t", where t=0 corresponds to the rating

date (month-end), and t=n corresponds to "n" monthly periods prior to the rating date (month-end).

The calculation must be performed considering all exposures of the rated entity with the Institution.

In the event that the rated entity does not have the necessary internal experience time for the calculation of the

variable, the calculation will be performed with the information available at the time of rating.

Return on

Equity (ROE)

(Maximum age no greater

than 18 months from the

rating date (month-end) )

Proportion that represents the returns on equity:

Where:

™

Annual Net Profit, will be the accumulated net profits reported in the comprehensive income statement of the

rated entity, considering a time horizon of the last 12 months. In the case of newly created rated entities that do not have 12 months of financial information

or its equivalent at the rating date (month-end), the total information available at the rating date (month-end) must be used to perform the calculation.

™

When quarterly information of the rated entity is available, the figure resulting from

summing the net profits of the last four quarters, including the rating date

(month-end), will be used.

™

When annual information of the rated entity is available, the figure reported in the comprehensive income statement will be used.

Equity, will be the amount reported in the balance sheet of the rated entity.

Collection period from

debtors

(Maximum age no greater

than 18 months from the

rating date (month-end) )

Average collection period, in number of days, that a company takes to collect from its customers.

Where:

Accounts and documents receivable, will be the amount reported in the balance sheet of the

rated entity.

Annual Income, will be the accumulated income reported in the comprehensive income statement of the

rated entity, considering a time horizon of the last 12 months. In the case of newly created rated entities that do not have 12 months of financial information or its equivalent at the rating date (month-end), the total information available at the

rating date (month-end) must be used to perform the calculation.

When quarterly information of the rated entity is available, the figure resulting from

summing the income of the last four quarters, including the rating date (month-end).

When annual information of the rated entity is available, the figure reported in the comprehensive income statement will be used.

Cash to

total assets ratio

(Maximum age no greater

than 18 months from the

rating date (month-end) )

Proportion that represents cash to total assets

Where:

Cash, will be the amount reported in the balance sheet of the rated entity.

Total Assets, will be the amount reported in the balance sheet of the rated entity.

Interest coverage

ratio

(Maximum age no greater

than 18 months from the

rating date (month-end) )

Proportion that represents operating profit to interest expenses:

Where:

Annual Operating Profit or Annual UAFIR, will be the accumulated operating profits reported in the comprehensive income statement of the rated entity, considering a time horizon of the

last 12 months. In the case of newly created rated entities that do not have 12 months of

financial information or its equivalent at the rating date (month-end), the total information available at the

rating date (month-end) must be used to perform the calculation.

When quarterly information of the rated entity is available, the figure resulting from

summing the operating profits of the last four quarters, including the rating date

(month-end).

When annual information of the rated entity is available, the figure reported in the comprehensive income statement will be used.

Annual Interest Expenses, will be the accumulated interest expenses reported in the comprehensive income statement of the rated entity, considering a time horizon of the

last 12 months. In the case

of newly created rated entities that do not have 12 months of financial information or its equivalent

at the rating date (month-end), the total information available at the

rating date (month-end) must be used to perform the calculation.

When quarterly information of the rated entity is available, the figure resulting from

summing the interest expenses of the last four quarters, including the rating date

(month-end).

When annual information of the rated entity is available, the figure reported in the

comprehensive income statement will be used.

When the rated entity's Annual Interest Expenses information in the Comprehensive Income Statement is available and this value is equal to zero, this variable will be rated with the best score in the corresponding sector.

Cash Ratio

(Maximum age no greater

than 18 months from the

rating date (month-end) )

Proportion that represents the sum of Cash plus Short-term Investments relative to current liabilities:

Where:

Cash, will be the amount reported in the balance sheet of the rated entity.

Short-term Investments, will be the amount reported in the balance sheet of the rated entity.

Current Liabilities, will be the amount reported in the balance sheet of the rated entity.

Fixed assets usage

ratio

(Maximum age no greater

than 18 months from the

rating date (month-end) )

Efficiency in the use of fixed assets to generate income:

Where:

Annual Income, will be the accumulated income reported in the comprehensive income statement of the

rating date (month-end) must be used to perform the calculation.

When quarterly information of the rated entity is available, the figure resulting from

summing the income of the last four quarters, including the rating date (month-end).

™

When annual information of the rated entity is available, the figure reported in the comprehensive income statement will be used.

Property, Plant and Equipment, will be the amount reported in the balance sheet of the rated entity.

Sales to employed

operating capital

ratio

(Maximum age no greater

than 18 months from the

rating date (month-end) )

Use of employed operating capital:

Where:

Annual Income, will be the accumulated income reported in the comprehensive income statement of the

rating date (month-end) must be used to perform the calculation.

When quarterly information of the rated entity is available, the figure resulting from

summing the income of the last four quarters, including the rating date (month-end).

™

When annual information of the rated entity is available, the figure reported in the comprehensive income statement will be used.

Total Assets, will be the amount reported in the balance sheet of the rated entity.

Current Liabilities, will be the amount reported in the balance sheet of the rated entity.

Financing cost to

sales ratio

(Maximum age no greater

than 18 months from the

rating date (month-end) )

Proportion that represents interest expenses relative to income.

Where:

Annual Interest Expenses, will be the accumulated interest expenses reported in the comprehensive income statement of the rated entity, considering a time horizon of the

last 12 months. In the case

of newly created rated entities that do not have 12 months of financial information or its equivalent

at the rating date (month-end), the total information available at the

rating date (month-end) must be used to perform the calculation.

When quarterly information of the rated entity is available, the figure resulting from

summing the interest expenses of the last four quarters, including the rating date

(month-end).

When annual information of the rated entity is available, the figure reported in the comprehensive income statement will be used.

Annual Income, will be the accumulated income reported in the comprehensive income statement of the

rating date (month-end) must be used to perform the calculation.

When quarterly information of the rated entity is available, the figure resulting from

summing the income of the last four quarters, including the rating date (month-end).

When annual information of the rated entity is available, the figure reported in the comprehensive income statement will be used.

Total asset turnover

(Maximum age no greater

than 18 months from the

rating date (month-end) )

Proportion that represents Total Net Sales over total assets

Where:

Annual Income, will be the accumulated income reported in the comprehensive income statement of the credit applicant, considering a time horizon of the last 12 months. In the case of newly created credit applicants who do not have 12 months of financial information or its equivalent on the rating date (month-end), the total information available on the rating date (month-end) must be used to perform the calculation.

When quarterly information of the credit applicant is available, the figure resulting from summing the income of the last four quarters, including the rating date (month-end), will be used.

™

When annual information of the credit applicant is available, the figure reported in the comprehensive income statement thereof will be used.

Total Assets, will be the amount reported in the financial position statement of the credit applicant.

Creditor Payment Period

(Age not older than

18 months from the

rating date (month-end)

)

Average payment term, in number of days, that the company takes to pay loans and suppliers.

Where:

Suppliers, will be the amount reported in the financial position statement of the credit applicant.

Short-Term Loans, will be the amount reported in the financial position statement of the credit applicant.

Annual Cost of Goods Sold, will be the accumulated cost of goods sold reported in the comprehensive income statement of the credit applicant, considering a time horizon of the last 12 months. In the case of newly created credit applicants who do not have 12 months of financial information or its equivalent on the rating date (month-end), the total information available on the rating date (month-end) must be used to perform the calculation.

When quarterly information of the credit applicant is available, the figure resulting from summing the cost of goods sold of the last four quarters, including the rating date (month-end), will be used.

™

When annual information of the credit applicant is available, the figure reported in the comprehensive income statement thereof will be used.

Working Capital to Sales Ratio

(Age not older than

18 months from the

rating date (month-end)

)

Proportion represented by current assets minus current liabilities with respect to total Net Sales.

Where:

Current Assets, will be the amount reported in the financial position statement of the credit applicant.

Current Liabilities, will be the amount reported in the financial position statement of the credit applicant.

When quarterly information of the credit applicant is available, the figure resulting from summing the income of the last four quarters, including the rating date (month-end), will be used.

™

When annual information of the credit applicant is available, the figure reported in the comprehensive income statement thereof will be used.

Gross Profit Margin

(Age not older than

18 months from the

rating date (month-end)

)

Proportion of income free after covering the cost of goods sold.

Where:

Annual Gross Profit, will be the accumulated gross profits reported in the comprehensive income statement of the credit applicant, considering a time horizon of the last 12 months. In the case of newly created credit applicants who do not have 12 months of financial information or its equivalent on the rating date (month-end), the total information available on the rating date (month-end) must be used to perform the calculation.

When quarterly information of the credit applicant is available, the figure resulting from summing the gross profits of the last four quarters, including the rating date (month-end), will be used.

When annual information of the credit applicant is available, the figure reported in the comprehensive income statement thereof will be used.

When quarterly information of the credit applicant is available, the figure resulting from summing the income of the last four quarters, including the rating date (month-end), will be used.

When annual information of the credit applicant is available, the figure reported in the comprehensive income statement thereof will be used.

Economic Stability

(Age not older than

18 months from the

rating date (month-end)

)

Volatility of the annual variations of the Gross Domestic Product of the economic activity in which the company operates:

Where:

= Standard deviation of annual GDP variations

= Mean of annual GDP variations, will be estimated with a historical load of at least one year, for the economic activity in which the company operates.

= Quarterly Gross Domestic Product corresponding to the industrial activity in year t.

Intensity and

characteristics of

competition

(Age not older than

18 months from 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, the way in which prices are assigned and prevailing market conditions.

Clients

(Age not older than

18 months from the

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 older than

24 months from the

rating date (month-end)

)

Compliance and transparency with accounting and disclosure standards by the natural or legal person. The periodicity with which the financial statements have been audited by an external firm will be evaluated.

Organizational Structure

(Age not older than

18 months from the

rating date (month-end)

)

Consistency of the organizational structure with business objectives.

Shareholder Composition

(Age not older than

18 months from the

rating date (month-end)

)

Institutions must evaluate the composition of share ownership in order to know the risk propensity of the company in decision-making.

For the case of credits held by legal or natural persons with business activity with Annual Net Income or Net Sales 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 the national credit information societies, but that have a credit rating issued by a recognized prestigious rating agency and whose long-term global scale rating is equal to or better 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 global scale credit rating results in less than risk grade 2 of Annex 1-B and there is no payment experience information within the national credit information societies, the points from the "No Information" range of the predominant economic sector of the credit applicant must be assigned.

Institutions must assign the points from the "No Information" range when an indicator does not comply with what is established in Section IV Definitions of this annex.

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

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

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INQUIRY

BY DATE

Sá

INDICATORS

Exchange Rate and Rates as of 08/22/2026

UDIS

8.805261

SURVEYS

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