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Government Securities Feb 25 2026

Gobierno del Estado de Chiapas

Banorte P$2,500.0m (A)
LocalLong Term
InitialHR AAA (E)
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Latest Ratings

Feb 25 2026Government Securities

Gobierno del Estado de Chiapas

Banorte P$2,500.0m (A)
Local ScaleLong Term
InitialHR AAA (E)
Feb 25 2026Government Securities

Gobierno del Estado de Chiapas

Banorte P$2,500.0m (B)
Local ScaleLong Term
InitialHR AAA (E)
Feb 25 2026Government Securities

Gobierno del Estado de Chiapas

Banobras P$6,111.7m
Local ScaleLong Term
InitialHR AAA (E)
Feb 25 2026Government Securities

Gobierno del Estado de Chiapas

Banamex P$1,000.0m
Local ScaleLong Term
InitialHR AAA (E)
Feb 24 2026Government Securities

Municipio de San Pedro Garza García, Nuevo León

19019 Global
Global ScaleLong Term
RatifiedHR BBB + (G)
Feb 24 2026Government Securities

Municipio de San Pedro Garza García, Nuevo León

19019
Local ScaleLong Term
RatifiedHR AAA
Feb 24 2026Financial Institutions

Programa de CEBURS de CP PDN 2026

Portafolio de Negocios, S.A. de C.V., SOFOM, ER
Local ScaleShort Term
InitialHR1
Feb 24 2026Financial Institutions

BACMEXT 26

BANCOMEXT
Local ScaleLong Term
InitialHR AAA
Feb 24 2026Financial Institutions

BACMEXT 26X

BANCOMEXT
Local ScaleLong Term
InitialHR AAA
Feb 24 2026Structured Finance

AGSACB 08

Agropecuaria Santa Genoveva, S.A.P.I. de C.V.
Local ScaleLong Term
RatifiedHR AAA (E)
Feb 24 2026Financial Institutions

Sofagro LP

Sociedad Financiera Agropecuaria, S.A. de C.V., SOFOM ENR
Local ScaleLong Term
DowngradeHR BBB -
Feb 24 2026Financial Institutions

Sofagro CP

Sociedad Financiera Agropecuaria, S.A. de C.V., SOFOM ENR
Local ScaleShort Term
RatifiedHR3
Feb 23 2026Corporates

550W21 Owner Corporate

550W21 Owner, LLC
Global ScaleLong Term
InitialHR AA - (G)
Feb 23 2026Corporates

550W21 Owner US$155.0m Loan

550W21 Owner, LLC
Global ScaleLong Term
InitialHR AA - (G)
Feb 23 2026Financial Institutions

BANORCB 23

Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte
Local ScaleLong Term
RatifiedHR AAA (E)
Feb 20 2026Financial Institutions

SICREA Programa CEBURS de CP

Sistema de Crédito Automotriz, S.A. de C.V.
Local ScaleShort Term
RatifiedHR2
Feb 20 2026Financial Institutions

SICREA LP

Sistema de Crédito Automotriz, S.A. de C.V.
Local ScaleLong Term
RatifiedHR A -
Feb 20 2026Financial Institutions

SICREA CP

Sistema de Crédito Automotriz, S.A. de C.V.
Local ScaleShort Term
RatifiedHR2
Feb 20 2026Financial Institutions

SICREA AP

Sistema de Crédito Automotriz, S.A. de C.V.
Local ScaleLong Term
RatifiedHR AP3
Feb 20 2026Financial Institutions

ACTLECB 25L

Active Leasing, S.A. de C.V.
Local ScaleLong Term
RatifiedHR AAA (E)
Feb 20 2026Infrastructure

BACMEXT 23X SPO

BANCOMEXT
Local ScaleLong Term
WithdrawnAMORTIZED
Feb 18 2026Government Securities

Servicios de Agua y Drenaje de Monterrey

19 SADM Banobras P$952.6m
Local ScaleLong Term
InitialHR AAA (E)
Feb 18 2026Government Securities

Servicios de Agua y Drenaje de Monterrey

19 SADM Banorte P$1,000.0m (A)
Local ScaleLong Term
InitialHR AAA (E)
Feb 18 2026Government Securities

Servicios de Agua y Drenaje de Monterrey

19 SADM Banorte P$1,000.0m (B)
Local ScaleLong Term
InitialHR AAA (E)
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Analysis

Economics Sectors Comments
Spanish Content
Sectors Feb 25 2026

Implicaciones del Paquete Económico 2026 en el FGP de los Estados

HR Ratings comenta sobre las implicaciones del Paquete Económico de 2026 en el Fondo General de Participaciones de los Estados....
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Spanish Content
Sectors Feb 24 2026

Actividad Económica al cierre de 2025

Dinamismo de la actividad económica sorprende positivamente en el 4T25, aunque persisten retos estructurales...
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Sectors Feb 17 2026

US Fiscal position as of January 2026

US Public Finances in early FY2026: Short-term improvements, however long-term structural debt pressures persist...
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Sectors Feb 12 2026

US Employment Report - January

Stronger than expected payrolls highlight US resilience, reducing the likelihood of near-term Fed cuts...
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Spanish Content
Sectors Feb 11 2026

Actividad industrial al cierre de 2025

La actividad industrial muestra un desempeño negativo en 2025 consecuencia de la incertidumbre comercial y la falta de inversión en obra...
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Spanish Content
Sectors Feb 10 2026

Empleo formal enero 2026

Debilidad en el empleo formal al inicio de 2026 como consecuencia de la incertidumbre arancelaria y agotamiento del consumo...
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Sectors Feb 09 2026

Evolution of subnational sector ratings

HR Ratings comments on the performance of subnational ratings in 2025, highlighting a moderate performance compared to the previous year, driven by the slowdown in the growth of Entities Unrestricted Revenue...
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Spanish Content
Sectors Feb 05 2026

Finanzas Públicas al cierre de 2025

Los esfuerzos de consolidación fiscal se quedan por debajo de las metas originalmente planteadas en el paquete fiscal 2025. En 2026, el Gobierno de México busca aumentar la inversión y dinamizar el crecimiento económico sin comprometer las finanzas públicas...
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