Withdrawing a Rating

The Analysis Committee at HR Ratings may withdraw a rating should one of the following conditions occur:

• For a debt instrument or a credit, when the issuer confirms that the entire amount of the credit or debt security has been repaid in full with no outstanding amount to be rated.
• For a debt instrument or a credit, when the issuer confirms that the rating assigned has not been used for an issuance or specific credit, and, in consequence, that no funds have been mobilized for said issue or credit, nor for any outstanding current amount.
• For a debt instrument, when HR Ratings receives the consent of all debtholders of a given issuance to withdraw the rating, by means of an assembly of said debtholders during which the motion to withdraw is unanimously passed.
• For a debt instrument or a credit, when the period of validity of the initial rating of 1 year passes and the debt instrument has not been placed in the market or the funding from the credit obtained, the rating is automatically withdrawn.
• When a restructuring of a credit or issuance has been finalized and the Analysis Committee determines that the changes have been substantial, provided another structure is in place.
• When the entity or issuer has gone into bankruptcy and the rating issued by HR Ratings is no longer necessary.
• When the entity or issuer so requests from HR Ratings.
• When the lack of cooperation from the entity or issuer or the lack of information makes assigning a reliable rating impossible. In this event, and if the rating is already public, the reasons for suspension will be communicated to the market. However, before determining the suspension of the rating, HR Ratings will attempt to complete its review based on the information available, making public the results of the review.