Swell's BBB- Rating Reaffirmed by HR Ratings for a Second Consecutive Year, with a Stable Outlook
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 prudent risk management and our financial discipline, is leading to successful results," explained Ethel Mora.
Under Mora's leadership, Swell has strengthened its credit underwriting, expanded its structured financing capabilities, and reinforced its corporate governance, compliance, and risk management frameworks.
HR Ratings also noted improvements in Swell's funding profile, including lower average financing costs and wider availability of credit facilities.
As part of its next phase of growth, Swell is evaluating potential access to Mexico's debt capital markets and exploring private capital alternatives to support future expansion and diversify funding sources. Any such transactions would be subject to market conditions and applicable regulatory approvals.
"Productive financing remains one of Mexico's most important economic needs," Mora said. "The institutions that will meet that demand over the long term are those with strong technical capabilities, sound governance, and disciplined execution."
Swell provides financing to SMEs across sectors including industrial real estate, agribusiness, tourism, manufacturing, construction, transportation, and equipment financing.
Founded in 2010, Swell focuses its lending on machinery and transportation equipment and on auto leasing for cars and commercial vehicles, and also finances working capital, capital expenditures, asset acquisitions, and investment projects.
With more than 20 employees and around two hundred active clients, it manages a loan portfolio exceeding MXN 200 million and serves businesses in western and central Mexico.
Swell operates under the supervision of Mexico's National Banking and Securities Commission and the National Commission for the Protection of Users of Financial Services.
Forward-Looking Statement: This press release contains forward-looking statements regarding Swell (SWELL FINANZAS EN MOVIMIENTO SAPI DE CV SOFOM ENR) and its credit ratings assigned by HR Ratings. These statements may include words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "potential," the future tense, and similar terms. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including changes in market conditions, credit performance, regulatory impacts, and other financial uncertainties. This information does not constitute an offer or solicitation to investors in the United States or any jurisdiction where such an offer would be unlawful. The statements reflect current beliefs and forecasts as of the date of this release. Swell assumes no obligation to publicly update any forward-looking statements due to new information, future events, or other circumstances.
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Ethel Mora, CEO of Swell.
Ethel Mora, CEO of Swell, the Mexican non-bank financial institution whose BBB- rating was reaffirmed by HR Ratings for a second consecutive year.
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