Alberto Ramos

Chairman of the Board of Directors

Alberto Ramos is a founding partner of HR Ratings and currently serves as Chairman of the Board of Directors. Previously, he was CEO of HR Ratings. Alberto has occupied executive positions in analysis groups at several international institutions such as UBS, Credit Lyonnais Securities Asia (CLSA), ING Barings and Banamex. Prior to founding HR Ratings, he established B&R Consulting Group, a firm that performed credit risk assessments for institutional investors.

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and a Graduate degree in Advanced Econometrics from the same institution. He has also served as a professor in the Economics Department at ITAM.

Anibal Habeica

Vice President of the Board of Directors

Anibal Habeica is a founding partner of HR Ratings, where he currently serves as Vice President of the Board of Directors. Previously, he held the title of Deputy CEO of HR Ratings. Prior to founding HR Ratings he worked at Scotia Capital, served as Associate Director at UBS, Senior Analyst for Latin American Conglomerates and Cement at Credit Lyonnais Securities Asia (CLSA) and Analyst for Latin American Conglomerates and Steel at ING Barings.

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and has served as a professor of Economics at Universidad Iberoamericana.

Pedro Latapí

Chief Executive Officer

Pedro Latapi started his career at HR Ratings as part of the Financial Institutions team, holding various positions within the Company prior to his role as CEO. His previous functions include Director for the Financial Institutions and Structured Products Group, Chief Operating Officer, and Chief Credit Officer.

He holds a Bachelor’s in Financial Management from the Tecnológico de Monterrey (ITESM), an MBA from the Tuck School of Business at Dartmouth College, and a Ms.C. degree in Computer Science from Instituto Tecnológico Autónomo de México (ITAM). He is also a CFA Charterholder and a Six Sigma Black Belt.

Claudia Hardy

Independent Board Member

Claudia Hardy is a founding partner of Ezentia Group and President and board member of 50/50 Women on Boards México. She is the founder of the Consejo de Empresarias y Ejecutivas CEE A.C. (Council of Businesswomen and Executives) and has served as a guest professor at IPADE. She is also an independent board member of Barclays México and of IPADE's CIMAD (Research Center for Women in C Suite Positions).

She began her professional career at Credit Suisse First Boston in New York doing Latin American equity research, later joined Merrill Lynch in Los Angeles where she specialized in fundamental analysis, and subsequently returned to Credit Suisse as Assistant Vice President, covering the infrastructure sector in the region.

She then joined SEI Investments in Mexico City as Equity Portfolio Manager and was named Partner and Chief Investment Officer (CIO) of SEI Compass Investments. In 2006, she became CIO of Compass Group LLC in New York, overseeing institutional and high-net-worth client assets in Latin American equity markets.

She also served as Managing Director and Senior Risk Officer at GE Capital. Since 2011 she has been founder and Managing Partner of Ezentia Group, an executive search firm focused on senior leadership positions, board services, and leadership consulting.

Claudia holds a Bachelor's degree in Economics and Political Science from the University of Pennsylvania and a Master's in Business Administration from IPADE. She also earned a diploma in Public Policy and Gender from the Facultad Latinoamericana de Ciencias Sociales (FLACSO) and was a Fellow of the Executive Leadership Program of the International Women's Forum (IWF), held at Harvard Business School and INSEAD in 2018.

Guadalupe Villar

Independent Board Member

Guadalupe Villar serves as Senior Analyst, strategy advisor, and sales representative at Navalfa Activos Alternativos. Previously, she performed the role of Private Banking Portfolio Manager at Credit Suisse, where she managed global equity funds for emerging and developing markets and served as an advisor to private banking clients.

Guadalupe also worked as a Senior Equity Analyst at Santander Asset Management, where she established a model-based valuation methodology for corporate entities and actively participated in the firm's Investment Committee to shape the firm's overall strategy. She was also part of Impulsora del Fondo México, analyzing publicly traded companies and serving on the Investment Committee.

She holds a Bachelor's degree in Economics with high honors from the Instituto Tecnológico Autónomo de México (ITAM), and is certified through IPADE's C-Suite Program (D1C).

Eugenio López Garza

Independent Board Member

Eugenio López has an outstanding professional career spanning over 40 years in the financial sector. Most notably, he served as Mexico’s Country Manager for Fitch Ratings for more than a decade.

He also served as Director at Execution Finance and Chief Risk Officer at Mexcap Partners, and has performed as an independent member and chairman of various committees at companies across multiple sectors, including Afirme Grupo Financiero, Grupo Gayosso, Dimex Capital, Grupo Dinercap, and Arabela, among others.

He holds a Bachelor's degree in Economics from the Tecnológico de Monterrey (ITESM).

Mauricio Brocado

Independent Board Member

Since 2019, Mauricio Brocado has served as Chief Investment Strategist at Nuclo Consulting and Nuclo Wealth LLC (Registered Investment Advisor, RIA), where he focuses on generating research ideas across industries and companies based on fundamental analysis.

Mauricio has also served as a member of the Board of Directors of various entities such as KIO Networks, ABiliA, Inteligencia Inmobiliaria, Red Universalia Aliat, and Medistik, and as an Independent Board Member of Actinver.

From 2008 to 2018, Mauricio served as Head of Strategic Investment and Fundamental Equity Research at Tresalia Capital, where he was part of the Asset Management team, providing investment recommendations and analysis for decision-making, while coordinating the comptroller area of the entity. From 2004 to 2008, Mauricio served as Head of Research and Equity Strategist at Actinver Casa de Bolsa, where he coordinated and supervised equity and economic research for the Group.

Mauricio holds a Bachelor's degree in Accounting from the Universidad Iberoamericana, and he is a Certified Public Accountant, with certifications in areas such as Management Information Systems, Finance, and Financial Analysis.

Alexis Milo

Independent Board Member

Alexis Milo has an outstanding career of more than 30 years in the fields of finance and economics.

He is currently a founding partner of Miranda-Telekonomics, a consulting and analysis firm specialized in economics, finance, and telecommunications. Previously, he served as Chief Economist and Director of Analysis at HSBC Mexico, Chief Economist at Deutsche Bank Mexico, and Commissioner at the Federal Telecommunications Commission. He also held various positions within the Office of the President of Mexico, primarily as an advisor on economic policy. In addition, he worked at the Mexican Ministry of Finance and Public Credit as an Advisor and Director of Fiscal Policy, and at the Bank of Mexico as an Economic Researcher.

Alexis has also contributed as a professor at CIDE, El Colegio de México, and currently at ITAM, and has been recognized on multiple occasions by Banco Nacional de México for his work in economic research.

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and a Master’s degree and Ph.D. in Economics from Yale University.

Alberto Ramos

Chairman of the Board of Directors

Alberto Ramos is a founding partner of HR Ratings and currently serves as Chairman of the Board of Directors. Previously, he was CEO of HR Ratings. Alberto has occupied executive positions in analysis groups at several international institutions such as UBS, Credit Lyonnais Securities Asia (CLSA), ING Barings and Banamex. Prior to founding HR Ratings, he established B&R Consulting Group, a firm that performed credit risk assessments for institutional investors.

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and a Graduate degree in Advanced Econometrics from the same institution. He has also served as a professor in the Economics Department at ITAM.

Anibal Habeica

Vice President of the Board of Directors

Anibal Habeica is a founding partner of HR Ratings, where he currently serves as Vice President of the Board of Directors. Previously, he held the title of Deputy CEO of HR Ratings. Prior to founding HR Ratings he worked at Scotia Capital, served as Associate Director at UBS, Senior Analyst for Latin American Conglomerates and Cement at Credit Lyonnais Securities Asia (CLSA) and Analyst for Latin American Conglomerates and Steel at ING Barings.

He holds a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and has served as a professor of Economics at Universidad Iberoamericana.

Pedro Latapí

Chief Executive Officer

Pedro Latapi started his career at HR Ratings as part of the Financial Institutions team, holding various positions within the Company prior to his role as CEO. His previous functions include Director for the Financial Institutions and Structured Products Group, Chief Operating Officer, and Chief Credit Officer.

He holds a Bachelor’s in Financial Management from the Tecnológico de Monterrey (ITESM), an MBA from the Tuck School of Business at Dartmouth College, and a Ms.C. degree in Computer Science from Instituto Tecnológico Autónomo de México (ITAM). He is also a CFA Charterholder and a Six Sigma Black Belt.

Felix Boni

Chief Credit and Economic Analysis Officer

Felix Boni has more than 35 years of experience in financial market analysis, including economic and political outlooks. He specializes in developing strategic and forecasting models and currently serves as Chief Economist and Head of Analysis at HR Ratings.

As Head of the Analysis Division, he is responsible for ensuring that all analytical work related to any rating, opinion, analysis, or credit quality assessment maintains the highest standards of quality, objectivity, independence, and integrity. He also oversees the analytical process and the application of the methodologies used within.

He is a voting member of the Analysis and Methodology Committees and serves as spokesperson on economic matters —specifically macroeconomic performance and trends.

Throughout his career, he has held various positions, including Director of Research at Scotia Capital, Senior Equity Analyst at ABN-AMRO Securities México, Director of Research at Credit Lyonnais Securities Asia (CLSA) and ING Barings México, Executive Director of Research at Interacciones Casa de Bolsa, and Director of Research at Bursamex.

In 1993, he received Honorable Mention on the Latin America Research Team for Mexico, and in 1997 he placed second in the Institutional Investor rankings. He was named Global Finance "Emerging Markets Superstar" in 1994/1995 and was runner-up in 1993, as well as first place in the 1996 Extel Survey. Before entering the financial world, he was a professor in the Political Science department at Chestnut College in Philadelphia.

Felix holds a Ph.D. in Political Science from the University of Pittsburgh, with a specialization in Latin American studies, and a Master's in Business Administration from La Salle University in Philadelphia.

Randy Layman

Public Finance Executive Director

Randy Layman brings extensive experience across the U.S. municipal market. His experience includes local governments, utility systems, tax-backed debt, special districts, utility systems, land-secured and development financing. He has also authored market research and contributed to the development of analytical methodologies used across the public finance sector.

Prior to joining HR Ratings, Randy built an 11-year career at S&P Global Ratings, where he was Director and Lead Analyst for U.S. Public Finance.

He holds a Bachelor of Arts, Economics at Indiana University. Randy graduated Summa Cum Laude and was recognized as the top undergraduate in economics, earning membership in Phi Beta Kappa. His studies also include a Certificate in the Liberal Arts and Management Program and a minor in Political Science. Randy holds a Master of Public Affairs from Indiana University.

Heinz Cederborg

Corporates Sr. Executive Director

Heinz Cederborg has more than 10 years of experience in the financial sector. He started his professional career at HR Ratings, where he specialized in credit analysis of commercial, industrial, and service companies.

Throughout all his years at HR Ratings, he has been responsible for analyzing companies in Mexico such as Alsea, Bachoco, FUNO, PEMEX, Xignux, Genomma Lab, Minera Autlán, Grupo Elektra, Consorcio Ara, and Chedraui, among others, as well as structured future-flow issuances. He has also been responsible for analyzing U.S. companies operating in various sectors such as healthcare, construction, retail, and private credit.

Heinz holds a Bachelor's degree in Finance and Banking from the Escuela Bancaria y Comercial (EBC) and an MBA from the Tecnológico de Monterrey (ITESM).

Pablo A. Garces

Corporates Executive Director

Pablo Garces brings over 15 years of specialized experience in credit ratings and corporate credit analysis across the U.S. market. Backed by his extensive track record, he contributes to upholding the standards of rigor and analytical quality that distinguish HR Ratings in the market.

Prior to joining HR Ratings, Pablo built a 12-year career at S&P Global Ratings, where he managed a portfolio of more than 100 corporate issuers. He also worked at BBVA Compass Bank as a credit analyst covering middle market issuers.

Pablo holds an MBA in Business Administration, Finance & Accounting from the Cox School of Business at Southern Methodist University and a Bachelor of Arts in Economics from the University of Southern California.

Roberto Soto

Financial Institutions Sr. Executive Director

Roberto Soto has been in the financial industry since 2012. Currently, he serves as Financial Institutions Sr. Executive Director, where he analyzes the creditworthiness of banking and non-banking financial institutions, structured issuances backed by financial assets, and the asset management capacity of financial entities.

Previously, he served as Director of Public Finance and Infrastructure, where he was responsible for the structured debt analysis of subnational entities such as states, municipalities and decentralized public organisms. He was also responsible for the analysis of debt backed by infrastructure projects such as toll concessions, Public-Private Partnerships, among others.

He has a Bachelor’s degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and a Master’s degree in Business Administration from the Instituto Panamericano de Alta Dirección de Empresas (IPADE). Additionally, he is a Certified Environmental, Social and Governance Analyst (CESGA) by the European Federation of Financial Analysts Societies (EFFAS).

Angel García

Financial Institutions Sr. Executive Director

Angel García has been in the financial industry since 2013, having started his professional career at HR Ratings. He serves as Financial Institutions Sr. Executive Director at HR Ratings, where he analyzes banking and non-banking financial institutions, structured issuances whose source of payment is backed by financial assets, and the asset management capacity of financial entities.

Angel holds a Degree in Public Accounting and Finance, and a Degree in Financial Management, both from the Tecnológico Monterrey (ITESM).

Michael Bojko

Financial Institutions Executive Director

Michael Bojko has more than 15 years of experience covering multinational banks, regional banking organizations, and other financial institutions.

Prior to joining HR Ratings, Michael was Director of Financial Institutions at Fitch Ratings for more than seven years. He also worked at Lloyds Banking Group as Manager of Group Corporate Treasury. In addition to his analytical background, he has regularly engaged with investors, issuers, and market participants on credit trends and sector developments.

He holds a Bachelor´s degree in Economics from Trinity College at Connecticut, and a Master of Science in Local Economic Development from the London School of Economics. He is a CFA Charterholder.

Alejandra Medina

Head Compliance Officer

Alejandra has more than 15 years of experience in regulatory compliance for financial institutions. Before joining HR Ratings, she worked as Corporate Manager at Grupo Elektra, where she was responsible for the company's compliance with obligations before the Comisión Nacional Bancaria y de Valores (CNBV) and the Bolsa Mexicana de Valores (BMV), developing strategies for compliance with new regulations, and advising the group's various business areas.

Additionally, she worked at Chávez Vargas Abogados, where she was involved in the planning and implementation of financial projects with banking institutions and the implementation of corporate governance standards and regulatory compliance for issuers and other regulated entities. She also worked at Promotora y Operadora de Infraestructura (PINFRA) as Legal Manager, where she was responsible for the corporate governance of the company's subsidiaries and compliance with regulatory requirements.

She holds a Bachelor's degree in Law from the Tecnológico de Monterrey (ITESM), a Master's degree in Financial Law Institutions, and a diploma in Fintech Entity Law, both from Universidad Panamericana.

Verónica Cordero

Head of Business Development

Verónica Cordero has around 20 years of experience in the financial sector at HR Ratings. She is responsible of coordinating all business activities and investor relationships in Mexico and the United States.

Before joining HR Ratings, she worked at Intercam Casa de Bolsa, Grupo Modelo, Accival Casa de Bolsa and the Mexican Stock Exchange, where she participated in the research, development, and implementation of operation rules in the Capital Market, as well as the assessment of companies in their process of achieving a successful placement in the Stock Market.

She has also participated in the development of the Institutionalization and Corporate Governance Program for Bond Issues in the Stock Market (PRIME Certification), which focuses on ensuring that participants comply with corporate governance guidelines.

Verónica holds a Degree in Financial Administration from the Tecnológico de Monterrey and a Master’s degree in Investments from the University of Nottingham in the United Kingdom.

Gregory Root

Business Development Executive Director USA

Gregory Root has nearly 40 years of experience in credit ratings, investment banking, and capital markets. At HR Ratings as Business Development Executive Director, Greg contributes with his extensive expertise in the US market and supports HR Ratings' growth and presence in this region.

He has held senior leadership roles at Kroll Bond Ratings, DBRS, and Keefe, Bruyette & Woods. As President of Thomson BankWatch, he led the agency’s growth into the world’s largest bank rating firm at the time, overseeing teams across 60 countries.

He holds a Master of Business Administration from Syracuse University and a Bachelor of Arts from Hamilton College.