Since its foundation, HR Ratings has distinguished itself by focusing on generating added value and gaining the trust of institutions and investors who use our services for their decision-making processes.

In order to achieve this, we have established a number of policies and procedures that ensure the objectivity, integrity and independence of our ratings, as well as the ethical conduct of those involved in the analysis and evaluation process. These policies comply with the guidelines set forth by the National Banking and Securities Commission (CNBV), the US Securities and Exchange Commission (SEC) and the International Organization of Securities Commissions (IOSCO).

These policies are established in our Code of Conduct, which outlines the standards of conduct and professional practices for all employees, directors, stockholders and board members at HR Ratings. Through those, we aim to comply with the highest ethical standards of honesty, integrity and objectivity.

Gifts, entertainment, and preferential treatment

According to the HR Ratings Code of conduct, it is strictly forbidder to for employees to solicit or receive, either directly or through another person, remunerations, goods and/or services in conditions better than those found in the market, and also donations from persons with which HR Ratings holds business relationships or who hold an interest in a rated transaction.

HR Ratings, its employees, management, and shareholders are only permitted to accept or receive from any person with whom HR Ratings holds a business relationship, or from any of their employees, goods, other than cash, whose value does not exceed the minimum amount established in this Code of Conduct.



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