Unifin Credit Report

07 March 2019

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In the Mexican Non-Banking Financial Institution (NBFI) space, an investor in international bonds traditionally had three players to choose from: Credito Real, Financiera Independencia and Unifin. Each of them were a Sociedad Financiera de Objeto Multiple (SOFOM) – or Multiple-Purpose Financial Institution – a type of entity that reports financial information under Mexican GAAP. Then, in 2017, two newcomers, AlphaCredit and Docuformas, joined the club. Neither of these companies are legally incorporated as a SOFOM, but rather as an “ordinary” company, or “SA de CV” using the Mexican terminology. Instead of reporting under Mexican GAAP, they do so under IFRS.