MEXICO CITY, Oct. 11, 2016 /PRNewswire/ -- HR Ratings de Mexico (HR Ratings) has been included on the Credit Rating Provider List of the National Association of Insurance Commissioners (NAIC).
Under the NAIC's filing exempt (FE) rule adopted in 2004, certain bonds and preferred stock that have been assigned a current, monitored rating by a Nationally Recognized Statistical Rating Organization (NRSRO) registered with the U.S. Securities Exchange Commission are granted an exemption from filing with the NAIC Securities Valuation Office (SVO). Under the FE rule, the NRSRO rating of approved rating agencies can be converted to the equivalent NAIC designation for reporting and reserving purposes in order to be eligible for FE treatment.
The added of HR Ratings to the NAIC Credit Rating Provider List means securities holding a current, monitored rating by HR Ratings can be converted to the equivalent NAIC designation and qualify for an exemption under the FE rule.
The NAIC's Valuation of Securities (E) Task Force approved HR Ratings' application to be added to its official list of credit rating suppliers in August, 2015 and approved the required modifications to the Procedures Manual of the NAIC Investment Analysis Office in August, 2016. The NAIC will officially publish these changes in the Procedures Manual and on its website by December 31, 2016.
With this admittance, HR Ratings continues to expand its presence in the U.S. market and marks a milestone by becoming the only Latin American credit agency to be on the NAIC Credit Rating Provider list.
About the NAIC
For more information about the NAIC visit their web-site: www.naic.org
About HR Ratings
Founded in 2007, HR Ratings is a Mexican credit rating agency, leader in Latin America. With more than nine years of experience, the firm is engaged with transparency, and has designed a rigorous methodology that is differentiated by its constant and anticipatory monitoring.
HR Ratings has grown considerably. This is reflected in the ratings assigned to debt issuances with a value totaling approximately $35 billion dollars. These ratings encompass the analysis of governmental entities, corporates, financial institutions, insurance companies and infrastructure in Mexico. Today, HR Ratings rates more than 1,210 institutions and governments, in Mexico and internationally, and has more than 370 clients.
Moreover, the firm has transcended borders, in 2012 it became the first Latin American credit rating agency to be registered by the US Securities and Exchange Commission (SEC) to issue credit ratings for government securities in the United States. Also, in 2014, it became the first Latin American credit rating agency to obtain the certification on behalf of the European Securities and Markets Authority (ESMA).
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SOURCE HR Ratings