Request to S&P was not due to change in regulation but due to supervisory work: CNBV

Request to S&P was not due to change in regulation but due to supervisory work: CNBV

The National Banking and Securities Commission (CNBV) specified that the requirement referred to Standard & Poor’s and that motivated it, according to a statement, to decide not to assign more structured financing ratings, was not caused by a modification to the regulation, but in the exercise of supervision and surveillance tasks of the regulatory body.

These tasks, detailed in a statement, resulted in the request for the implementation of various corrective actions and measures in November 2020 to S&P Global, in order to strengthen the rating procedures, as well as the ratings themselves.

The CNBV He highlighted that said actions and corrective measures were requested from all the agencies that assign structured financing ratings, which fully complied with the requirement of this authority since March 2021, and will continue to rate this type of issuance, so that the investing public does not will be affected.

He mentioned that this Tuesday S&P Global Ratings issued a statement regarding its decision to stop assigning new ratings on a national scale to certain types of structured financing transactions; as well as not to continue with the monitoring of the existing qualifications and its plan to withdraw the majority of the current qualifications in National Scale of Structured Financing in Mexico in the coming months.

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