Background on XXI Banorte and its Relevance
XXI Banorte, a prominent Mexican financial institution, manages Sociedades de Inversión Especializadas en Fondos para el Retiro (SIEFORES) through its Afore division. These pension funds are crucial for the retirement savings of millions of Mexican workers. Fitch Ratings, a leading global credit rating agency, has affirmed the A+ (Excelence) rating for XXI Banorte’s SIEFORES, highlighting the administrator’s financial strength and consistent positive performance.
Fitch Ratings’ Evaluation Criteria
Fitch Ratings assessed ten basic SIEFORES and eleven additional SIEFORES managed by XXI Banorte based on five key criteria:
- Investment Process: The agency praised XXI Banorte’s robust and disciplined investment process, which maintains a diversified and solid portfolio consistent with a long-term focus.
- Client Accompaniment: Fitch Ratings highlighted XXI Banorte’s consistent client support, offering security, advice, and good returns for managing retirement savings.
- Risk Management: The agency recognized XXI Banorte’s comprehensive risk management, which surpasses the industry average and regulatory framework.
- Investment Resources: Fitch Ratings acknowledged XXI Banorte’s adequate technological and investment resources.
- Historical Performance: The agency evaluated the performance of SIEFORES over three triannual periods, from March 2020 to March 2025, resulting in the Excelence rating.
Impact on Mexican Workers and Their Retirement Savings
David Razú Aznar, General Director of XXI Banorte’s Administrators, stated, “At XXI Banorte, we are committed to providing the best fund management and investment services for retirement. Receiving this rating validates that our actions are focused on ensuring efficient resource management so our affiliated workers can enjoy the best possible pension when they retire.”
This affirmation of the A+ rating by Fitch Ratings reassures Mexican workers that their retirement savings are managed effectively by XXI Banorte, which consistently delivers solid investment performance and prioritizes client support.
Key Questions and Answers
- What is Fitch Ratings? Fitch Ratings is a global credit rating agency that evaluates the financial strength and performance of institutions, including pension fund administrators like XXI Banorte.
- Why is the A+ rating important for XXI Banorte’s SIEFORES? The A+ (Excelence) rating signifies that XXI Banorte’s SIEFORES have demonstrated financial strength, consistent positive performance, and effective management of retirement savings for millions of Mexican workers.
- What criteria did Fitch Ratings use to evaluate XXI Banorte’s SIEFORES? Fitch Ratings assessed investment processes, client accompaniment, risk management, investment resources, and historical performance to affirm the A+ rating.
- How does this rating impact Mexican workers? The affirmation of the A+ rating by Fitch Ratings reassures Mexican workers that their retirement savings are managed effectively and with a focus on long-term growth by XXI Banorte.
