MEXICO CITY, June 18, 2026.- Swell, a leading Mexican credit provider, has had its BBB- rating reaffirmed with a Stable Outlook by HR Ratings for a second consecutive year.

HR Ratings announced the decision on June 17, 2026.

Swell is a Mexican non-bank financial institution focused on financing small and medium-sized enterprises (SMEs).

The agency also affirmed Swell's HR3 short-term rating, citing improvements in capitalization, profitability, financial efficiency, and funding diversification, and a capitalization ratio of 37.9%, supported by earnings generation and operational efficiencies.

It also cited a 3.4% return on assets (ROA), tied to a wider net financial margin, lower funding costs, and the firm's portfolio recovery strategy.

"Earning this rating for a second consecutive year matters because it reflects consistency, not a single moment in time. It tells us the foundations we have been building -operational discipline, strong corporate governance, and prudent risk management- are holding up year after year," said Ethel Mora, who became CEO of Swell in 2023.

"This year's reaffirmation conveys a validation that our Strategic Plan, coupled with ...