Alberto I. Ramos

Chairman of the Board of Directors

Alberto Ramos is a founding partner of HR Ratings and currently holds the position of Chairman of the Board of Directors. Previously, he was CEO of HR Ratings and held a number of executive positions in the analysis groups at a number of internationally renowned financial institutions operating in Mexico, such as UBS, Credit Lyonnais Securities Asia (CLSA), ING Barings and Banamex. Prior to founding HR Ratings, he established B&R Consulting Group, a consultancy firm offering credit risk assessment to institutional investors.

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and a graduate degree in Advanced Econometrics from the same institution, where he has also served as a professor in the undergraduate Economics program.

Anibal Habeica

Vicepresident of the Board of Directors

Anibal Habeica is a founding partner of HR Ratings Mexico where he currently serves as Vicepresident of the Board of Directors. Previously, he held the title of Deputy CEO of HR Ratings. Before his work in HR Ratings, he worked at Scotia Capital, labored as Associate Director at UBS, Senior Analyst for Latin American Conglomerates and Cement at Credit Lyonnais Securities Asia (CLSA) and Junior Analyst for Latin American Conglomerates and Steel at ING Barings.

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM), and he has been a part-time lecturer in Economics at the Universidad Iberoamericana since 1995.

Pedro Latapí

Chief Executive Officer

Pedro started his career as part of the HR Ratings’ team in the Financial Institutions area, holding various positions within the Company before his assignment as CEO, including Director of Financial Institutions and Structured Products Group, Chief Operating Officer, and Chief Credit Officer.

He holds a bachelor’s in Financial Management from Tec de Monterrey, an MBA from the Tuck School of Business at Dartmouth and is a Chartered Financial Analyst (CFA) and a Six Sigma Black Belt. He also holds a master’s degree in Computer Science from ITAM.

Claudia Hardy

Independent Board Member

Founder Partner at Ezentia Group and Co-President of 5050 Women on Boards Mexico, Claudia Hardy has a degree in Economics and Political Science from the University of Pennsylvania and a Master's in Business Management from IPADE. In 2011, she completed a certification in Public Policy and Gender at the Latin American Faculty of Social Sciences (FLACSO) and in 2017-2018 she was a Fellow of the Leadership Foundation Program of the International Women's Forum (IWF) with Harvard Business School and Insead.

She began her professional career at Credit Suisse in New York in 1994 in the area of market analysis. She joined Merrill Lynch in Los Angeles, specializing in fundamental analysis. Later, she worked at Compass Group, occupying positions of increasing responsibility in the investment area, becoming Partner and Chief Investment Officer (CIO) at Compass Group Mexico and CIO at Compass Group New York. Later she worked at GE Capital in the Risk area as Senior Risk Officer. In 2011, she founded Ezentia Group, an executive and director search consulting firm, where she works as a consulting partner specializing in financial and professional services.

She is the founder and vice president of the CEE A.C. Business and Executive Council. and has been a visiting professor at IPADE. She is a member of the IWF Mexico chapter and of the Executive Committee of the 30% Club México and is an independent director of Barclays México and of the CIMAD (Center for Research on Women in Senior Management) of IPADE.

Guadalupe Villar

Independent Board Member

She has a Bachelor´s degree in Economics from Instituto Tecnologico Autonomo de Mexico (ITAM) and a D1C certificate from IPADE.

From 1998 to 2018, she was part of Impulsora del Fondo México, were she was in charfe of providing fundamental Analysis of the companies listed in the Mexican Stock Exchange and was part of the investment committee of the company.

Since 2013 through 2016, she was Director Equity Research in Santander Asset Management were she was in charge of establishing a valuation method for companies through fundamental analysis models and actively participated in the investment committee that defined the investment strategy of SAM.

From 2017 till now, she is Portfolio Manager of Private Banking in Credit Suisse were she is Portfolio Manager of the Equity Mandates and provides advisory to private banking clients.

Eugenio López Garza

Independent Board Member

Eugenio holds a Bachelor's degree in Economics from the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) and has more than 40 years of experience in the financial sector.

Among his outstanding professional career, he served as Managing Director of Fitch Ratings Mexico for more than a decade.

In addition, he was Director at Execution Finance, Chief Risk Officer at Mexcap Partners and has participated as an independent member and chairman of several committees in companies from different sectors, such as Afirme Grupo Financiero, Grupo Gayosso, Dimex Capital, Grupo Dinercap, Arabela, among others.

Mauricio Brocado

Independent Board Member

Mauricio Brocado holds a bachelor’s degree in accounting from the Universidad Iberoamericana, is a Certified Public Accountant and a Registered Investment Advisor, while also holding several certifications in areas such as Management Information Systems, Finance and Financial Analysis.

From 2004 to 2008, Mauricio was Head of Research and Equity Strategist for Actinver Casa de Bolsa, where he coordinated and supervised equity and economic research for the Financial Group.

From 2008 to 2018 Mauricio was Head of Strategic Investment, Fundamental Equity Research in Tresalia Capital, where he was part of the Asset Management team, providing recommendations on investment ideas and analysis for decision making, while coordinating the comptroller area of the Entity.

Since 2019, Mauricio works as Chief Investment Strategist for Nuclo Consulting and Nuclo Wealth, where he focuses on generating research ideas across industries and companies based on fundamental analysis.

Mauricio has also been a member of the Board of Directors for various entities such as Grupo KIO Networks, ABiiA, Inteligencia Inmobiliaria, Alliat Universidades, Medistik and an Independent Board Member of Actinver.

Alexis Milo Caraza

Independent Board Member

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and a Master’s degree and Ph.D. in Economics from Yale University. He has an outstanding career of more than 30 years in the fields of finance and economics.

He is currently a founding partner of Miranda-Telekonomics, a consulting and analysis firm specializing in economics, finance, and telecommunications. Previously, he served as Chief Economist and Director of Analysis at HSBC Mexico, Chief Economist at Deutsche Bank Mexico, and Commissioner at the Federal Telecommunications Commission. He also held various positions within the Office of the President of Mexico, primarily as an advisor on economic policy. In addition, he worked at the Ministry of Finance and Public Credit as an Advisor and Director of Fiscal Policy, and at the Bank of Mexico as an Economic Researcher.

Alexis has also contributed as a professor at CIDE, El Colegio de México, and currently at ITAM, and has been recognized on multiple occasions by Banco Nacional de México for his work in economic research.

Alberto I. Ramos

Chairman of the Board of Directors

Alberto Ramos is a founding partner of HR Ratings and currently holds the position of Chairman of the Board of Directors. Previously, he was CEO of HR Ratings and held a number of executive positions in the analysis groups at a number of internationally renowned financial institutions operating in Mexico, such as UBS, Credit Lyonnais Securities Asia (CLSA), ING Barings and Banamex. Prior to founding HR Ratings, he established B&R Consulting Group, a consultancy firm offering credit risk assessment to institutional investors.

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and a graduate degree in Advanced Econometrics from the same institution, where he has also served as a professor in the undergraduate Economics program.

Anibal Habeica

Vicepresident of the Board of Directors

Anibal Habeica is a founding partner of HR Ratings Mexico where he currently serves as Vicepresident of the Board of Directors. Previously, he held the title of Deputy CEO of HR Ratings. Before his work in HR Ratings, he worked at Scotia Capital, labored as Associate Director at UBS, Senior Analyst for Latin American Conglomerates and Cement at Credit Lyonnais Securities Asia (CLSA) and Junior Analyst for Latin American Conglomerates and Steel at ING Barings.

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM), and he has been a part-time lecturer in Economics at the Universidad Iberoamericana since 1995.

Pedro Latapí

Chief Executive Officer

Pedro started his career as part of the HR Ratings’ team in the Financial Institutions area, holding various positions within the Company before his assignment as CEO, including Director of Financial Institutions and Structured Products Group, Chief Operating Officer, and Chief Credit Officer.

He holds a bachelor’s in Financial Management from Tec de Monterrey, an MBA from the Tuck School of Business at Dartmouth and is a Chartered Financial Analyst (CFA) and a Six Sigma Black Belt. He also holds a master’s degree in Computer Science from ITAM.

Félix Boni

Chief Credit / Economic Analysis Officer

Félix Boni holds a Ph.D. in Political Science from the University of Pittsburgh and a Master’s degree in Management from La Salle University in Philadelphia.

He has over 25 years’ experience in financial market analysis in Mexico, including political and economic perspectives. He is an expert in creating strategic and forecasting models and is currently the Chief Credit Officer at HR Ratings.

His professional career in Mexico includes: Director of Analysis Scotia Capital, Senior Equity Analyst at ABN-AMRO Securities Mexico, Director of Analysis at Credit Lyonnais Securities Asia (CLSA), West Merchant Bank and ING Barings, Executive Director of Analysis at Interacciones Casa de Bolsa and Director of Analysis at Bursamex.

In 1993, he received Honorable Mention as part of the Latin American Research Team for Mexico, and, in 1997, he was awarded second place in Institutional Investor. He was recognized as a Global Finance Emerging Markets Superstar for 1994/1995 and was runner-up in 1993; he also won first place in the Extel Survey in 1996. In addition, he was an Associate Professor and Chair of the Department of Political Science at Chestnut Hill College, Philadelphia.

As Chief Officer of Economic Analysis, his job is to analyze that, in regards to sovereign ratings and what corresponds to the economy area, the highest standards of quality, objectivity, independence and integrity are maintained. Likewise, it is responsible for the economic comments to the general public, with the aim of clarifying doubts about the economic performance and future expectations of sovereigns or macro-economic trends.

Ricardo Gallegos

Deputy Chief Economic Analysis Officer

Ricardo Gallegos has a degree in Economics from the Instituto Tecnológico de Monterrey (ITESM), Monterrey campus and has a master's degree in Public Policy from the Instituto Tecnológico Autónomo de México (ITAM), he has more than 20 years of experience in economic analysis, and he has participated since the beginning of HR Ratings operations as head of the subnational public finance rating area.

He is currently in charge of developing the rating of States, Municipalities, Water Organizations, and countries, among which are Canada, Mexico, Peru, Chile and Costa Rica. Within his responsibilities is also the development and supervision of documents and reports in the area of economic analysis.

Prior to joining HR Ratings, he worked at the Food and Agriculture Organization of the United Nations (FAO) as state coordinator. Later he was responsible for the economic consulting area of Thesis Consulting S.C. where he developed economic market studies, socioeconomic evaluation of projects and analysis of the recovery portfolio for the projects in Ecuador and Uruguay.

Álvaro Rodríguez

Public Finance and Sovereign Debt Director

Álvaro Rodríguez has 11 years of experience in the financial sector, and 9 as part of HR Ratings. He has studies in Economics from the Instituto Tecnológico Autónomo de México (ITAM). His experience is mainly focused on credit risk analysis for public entities.

As Associate Director of Public Finance and Sovereign Debt, he has participated in methodological development and unsecured credit ratings for States, Municipalities and Decentralized Organisms. Also, he is part of the analysis team for the sovereign ratings of Canada, Costa Rica, Chile, Mexico and Peru.

Roberto Ballinez

Public Finance and Infrastructure Sr. Executive Director

Roberto Ballinez has over 15 years' experience in the areas of Financial Risks, Industrial Organization, Public Finance Debt, Sustainable Finance, and Infrastructure & Energy Projects.

Before joining HR Ratings, he was VALMER-Algorithmics Risk Management Director for the Mexican Stock Exchange and an Asset – Liability and Liquidity – Credit Risk Management Consultant at the Scotiabank Inverlat Financial Group.

He was Deputy Technical Director of the Revista Mexicana de Economia y Finanzas (REMEF), an economics and finance journal published by the Tecnologico de Monterrey. He has also worked in academia as a lecturer for Bachelor’s, Master’s and Ph.D. students at the EGADE Center for Financial Research at the Tecnologico de Monterrey and at the Center for Research and Teaching in Economics (CIDE).

He holds a Ph.D. in Financial Sciences from the Instituto Tecnologico y de Estudios Superiores de Monterrey (ITESM), and a Bachelor’s and Master’s degree in Economics from the CIDE. Additionally, he is a Certified Environmental, Social and Governance Analyst (CESGA) by the European Federation of Financial Analysts Societies (EFFAS).

As Senior Executive Director - Public Finance / Infrastructure at HR Ratings, he analyzes ABS and structured banking credits whose source of payment is linked to resources generated or managed by local entities, such as states, municipalities and decentralized public organisms. He also analyzes infrastructure transactions where the source of payments depends on a specific flow generated by a project, such as toll concessions, energy project and Public-Private Partnerships.

Roberto Soto

Financial Institutions / ABS Sr. Executive Director

Roberto has more than ten years of experience in the financial industry. Currently, he is the Financial Institutions / ABS Sr. Executive Director, where he analyzes the payment capacity of the banking and non-banking financial institutions, the payment capacity of structured issuances which source of payment is backed by financial assets and the administration capacity of financial assets of the entities.

Previously, he served as Director of Public Finance and Infrastructure, where he was responsible for the structured debt analysis regarding subnational entities such as states, municipalities and decentralized public organisms. He was also responsible for the analysis of debt backed by infrastructure projects such as toll concessions, Public-Private Partnerships, among others.

He has a bachelor’s degree in Economics from Instituto Tecnológico Autónomo de México (ITAM) and a master’s degree in Business Administration from Instituto Panamericano de Alta Dirección de Empresas (IPADE). Additionally, he is a Certified Environmental, Social and Governance Analyst (CESGA) by the European Federation of Financial Analysts Societies (EFFAS).

Ángel García

Financial Institutions / ABS Sr. Executive Director

Angel has more than 10 years of experience in the financial sector, starting his professional career within HR Ratings. He has a degree in Public Accounting and Finance, and a degree in Financial Management, both degrees by the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM).

Currently, he is the Financial Institutions / ABS Sr. Executive Director in HR Ratings, where he analyzes the payment capacity of the banking and non-banking financial institutions, the payment capacity of structured issuances which source of payment is backed by financial assets and the administration capacity of financial assets of the entities.

Luisa Adame

Sustainable Impact Director

Luisa has experience in the financial sector since 2014, starting her professional career at HR Ratings. She has a degree in Finance from the Universidad Iberoamericana (IBERO).

Since 2016, she has specialized in Sustainable Finance, she is a Certified Environmental, Social and Governance Analyst (CESGA) by the European Federation of Financial Analysts Societies (EFFAS) and has the Certificate in ESG Investing given by the CFA Institute.

She currently serves as Sustainable Impact Director, where she analyzes thematic bond structures and sustainability linked structures, as well as the sustainable impact of the funded projects and the impact of the sustainable development objectives to which the entities have committed. Also, she analyzes the entities from an environmental, social, and governance perspective (ESG).

Heinz Cederborg

Corporates / ABS Sr. Executive Director

Heinz Cederborg has a Degree in Finance and Banking by the Escuela Bancaria y Comercial (EBC). He counts with six years of experience in the financial sector, starting his professional career in HR Ratings specializing in credit analysis.

During his career in HR Ratings, he has been responsible of analyzing companies of various industries in Mexico such as: Alsea, Bachoco, FUNO, PEMEX, Xignux, Genomma Lab, Minera Autlán, Grupo Elektra, Consorcio Ara, Chedraui, among others; as well as future flow structured debt. He has also been responsible of the analysis of companies in the United States that participate in different sectors like healthcare, construction, retail, etc.

Alejandra Medina

Head Compliance Officer

Has over 11 years of experience in the regulatory compliance of financial entities. Before joining HR Ratings she works as Corporate Manager at Grupo Elektra, as responsible for compliance of the company with obligations before the Mexican Banking and Securities Commission ("CNBV") and the Mexican Stock Exchange ("BMV"), structure of strategies for compliance with new provisions and advisory to the various commercial areas of the group.

Additionally she worked at Chávez Vargas Abogados, in the planification and implementation of finance projects with banking institutions and through the stock market and the implementation of corporate governance standards and regulatory compliance to issuers’ obligations and other regulated entities, among others. Ms. Medina worked at Promotora y Operadora de Infraestructura ("PINFRA"), as a Legal Manager, as a responsible for the corporate governance of the subsidiaries of the company and the compliance of regulatory requirements before the CNBV and the BMV of the public traded Company.

She holds a Law Degree from the Instituto Tecnológico y de Estudios Superiores de Monterrey and a master’s in financial law Institutions from the Universidad Panamericana (2017-2019).

José González

Compliance Associate Director

José has a degree in Administration and Finance from the Universidad Panamericana. He has 10 years of experience in auditing in the financial sector. Before joining HR Ratings, he was part of the firm Galaz, Yamazaki, Ruiz Urquiza (“Deloitte”), as a Regulatory Compliance consultant, where he participated in risk audit processes of various Financial Institutions.

Additionally, in his career at HR Ratings has been responsible for audits to monitor compliance with Internal Regulations, as well as compliance with requirements for authorities and attention to regulatory reports.

Odette Rivas

Operations Associate Director

Odette has six years of experience in the financial sector, specializing in the operations area of HR Ratings. She has a BA in History of Art by the Universidad Iberoamericana (IBERO), and has a certification on Excel for Business by the Macquarie University.

Currently she is the Associate Director of Operations at HR Ratings, where she is responsible for the company’s daily operation, the management and creation of internal and regulatory reports, and functions as internal control. Previously, Odette has worked in Business Development in the Real Estate sector and in Art Galleries of Mexico City.

Verónica Cordero

Head of Business Development

Verónica Cordero Domínguez has a Degree in Financial Administration by the Tecnológico de Monterrey and a Master’s Degree in Investments by the Nottingham University in the United Kingdom. She is responsible of coordinating all business activities and investor relationships in Mexico and the United States.

Veronica counts with 15 years of experience in the financial sector focusing in companies like Intercam Casa de Bolsa, Grupo Modelo, Accival Casa de Bolsa and the Mexican Stock Exchange Commission, participating in the investigation, development, and implementation of operation rules in the Capital Market, as well as the coordination and assessment for companies in their process to have a successful placement in the Stock Market.

Also, she participated in the development of the Institutionalization and Corporate Governance Program for Bond Issues in the Stock Market (PRIME Certification) which focuses on participants to comply with the guidelines established in the “Código de Principios y Mejores Prácticas de Gobierno Corporativo” published by CCE.

Gregory Root

Business Development Executive Director USA

Gregory Root has nearly 40 years of experience in credit ratings, investment banking, and capital markets. He has held senior leadership roles at Kroll Bond Ratings, DBRS, and Keefe, Bruyette & Woods.

As President of Thomson BankWatch, he led the agency’s growth into the world’s largest bank rating firm at the time, overseeing teams across 60 countries.

In HR Ratings, as Business Development Executive Director, Greg contributes extensive expertise in the US market and supports HR Ratings growth and presence in this region.

Carmen Oyoque

Business Development Director

María del Carmen Oyoque Ortiz has a Master's in public finance and financing for development from the Universidad Anáhuac Norte, she has a degree in International Relations from the Universidad Hispano Mexicana. She is currently Director of Business Development at HR Ratings rating agency, specializing in Public Finance and Infrastructure.

She has developed a high level of administration and payment sources in government and infrastructure banking that exhibits a proven track record for recognizing business needs and developing effective strategies to encourage best practices.

Carmen has 14 years of experience in the Government Banking, Public Finance and Infrastructure sector, working in Banks such as Grupo Financiero Interacciones and Banorte.

Luis Miranda

Senior Executive Director for Business Development

Luis Miranda has over 25 years of experience in Finance, both in financial and corporate sectors. For more than 18 years he worked in Banco Santander in the Corporate and Investment Banking area. He was responsible of the equity research for the Conglomerates, Industrials, and Food & Beverage sectors in Latin America.

For 5 years he a ranked analyst on “Institutional Investor” survey in Latin Americas. For three years, he was ranked first place in Conglomerates and Industrials. During different moments of his long career in Banco Santander, Luis was also responsible of the stock analysis coverage in the retail, mining, transport (airlines and airports), auto parts and paper sectors.

Prior his work in the financial sector, Luis worked in the corporate sector in S.C. Johnson Wax, A.C. Nielsen and Du Pont. He has a degree in Science by the Universidad Autónoma de Baja California, counts with a Master´s Degree in Business Administration (MBA) by the IPADE and is a Chartered Financial Analyst (CFA), by the CFA Institute de Charlottesville, Virginia.

Fernanda Huerta

Business Development Associate Director

María Fernanda Huerta Cataño holds a degree in Communication Sciences with a specialization in Public Relations and Business from Universidad Anáhuac México Sur.

Over the past 8 years, she has consolidated her career in the financial sector, specializing in commercial areas and business development. Her experience has been focused on creating and managing sales strategies, prospecting new markets, and strengthening relationships with key clients.

Currently, as Associate Director of Business Development, she leads the Financial Institutions sector, driving commercial growth through the coordination of strategic initiatives, product development, and client relationship management.

María Fernanda has over 13 years of professional experience, having developed her career at companies such as Grupo Televisa and Grupo Financiero Actinver.