TRF Casa de Bolsa has been rated BBB+.mx, and Trafalgar SFP has been rated BBB.mx, with both outlooks stable. The group stated its intention to participate in the U.S. and Mexican securities markets.
Mexico City and New York, October 13, 2026 /PRNewswire/ — Led by Chairman Porfirio Sánchez Talavera and CEO Carlos Septién Michel, Grupo Trafalgar (the “Group”) today announced that Moody's Local MX S.A. de C.V. (“Moody’s Local Mexico”) has assigned investment-grade national ratings to its two primary regulated entities: brokerage TRF Casa de Bolsa, S.A. de C.V. (“TRF Casa de Bolsa”) and consumer finance company Trafalgar SFP, S.A. de C.V., S.F.P. (“Trafalgar SFP”).
All ratings are local currency issuer ratings under Moody’s local Mexico Mexico national rating system.
Both long-term ratings fall within the investment-grade range of Mexico’s national rating system—classified as BBB-.mx or higher under typical Mexican market categories. National ratings measure the relative creditworthiness of Mexican issuers against each other. They are not global ratings and cannot be compared with ratings under Moody’s global rating system.
TRF Casa de Bolsa: Independent brokerage rated BBB+.mx
TRF Casa de Bolsa was acquired by the Trafalgar Group starting June 2026. Due to this transaction constituting a complete change of control, Moody’s Local Mexico evaluated the company based on its financial projections under the new business model. According to Moody’s Local Mexico, the rating reflects the following factors, while also taking into account the limited financial history of the company under its previous shareholders:
- A mature platform with full licensing. The company retains the authorization, technology infrastructure, trading desk, and most of the senior management team from Mexico’s National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or CNBV).
- Capital adequacy. New shareholders have injected capital as part of a broader capital enhancement plan. Under Moody’s local Mexico standardized scenario, as the business expands, the capital adequacy ratio (ICAP) is expected to approach approximately 30%, maintaining capital levels well above regulatory minimum requirements.
- Prudent liquidity and leverage structure. The intermediary business primarily focuses on government debt instruments, with intraday settlement and limited proprietary positions; risk limits have been adjusted to a more conservative framework.
- Short-term debt repayment capacity. The ML A-2.mx rating reflects that the company has above-average ability to meet its short-term obligations compared to other Mexican issuers.
TRF Casa de Bolsa is an independent brokerage not part of a banking group, whereas many Mexican brokerages benefit from implicit support from their parent banks in credit assessments. Management considers this rating significant because it is based on the company’s own capital levels, liquidity, risk management, and business model, along with support from the Trifecta Group, rather than reliance on such parent bank backing.
The stable outlook covers the next 12 to 18 months, reflecting market expectations that the company will continue to expand its counterparty and agency relationships, reactivate its customer base, increase assets under custody, and execute its stabilization plan while maintaining capital, liquidity, and leverage levels consistent with its risk appetite. Management’s projections—considered by Moody’s Mexico in this analysis—anticipate the company will break even in the second half of 2027 and achieve positive net profits in 2028. These projections involve significant risks and uncertainties, and actual results may differ materially.
Trafalgar SFP: Achieves investment-grade rating within its first year of operation
Trafalgar SFP is a SOFIPO—a regulated institution supervised under Mexico’s Popular Savings and Credit Law (Ley de Ahorro y Crédito Popular) and authorized to accept deposits—licensed and regulated by the CNBV to provide savings, credit, and other financial services to individuals and small businesses. Trafalgar SFP was approved to begin operations in October 2025, and its BBB.mx rating was granted less than 12 months later.
Management believes that achieving a national investment-grade rating within the first year of public operations validates the governance, risk framework, and capital plan adopted at the establishment of Trafalgar SFP, and lays the foundation for the broader commercialization initiatives planned by the group in collaboration with TRF Casa de Bolsa.
Management Commentary
Carlos Septién Michel, CEO of the group, said: "In our brokerage business, we retained what worked—licenses, technology, and an experienced team—backed by additional capital and a more rigorous risk framework. In our SOFIPO business, we applied the same discipline to build from the ground up. Now our focus is on execution."
He added: "Rebuilding counterparty relationships, expanding the client base of both institutions, and achieving sustained profitability are key milestones we are advancing around its organization."
Market capitalization strategy in the United States and Mexico
The group stated that, separate from and independent of this rating action, Trafalgar Group has expressed its intent to participate in the U.S. and Mexican securities markets.
Management believes that combining the CNBV regulation in Mexico with the disclosure framework applicable to U.S.-listed companies—including periodic reporting obligations, independently audited financial statements, and executive certifications—will subject the group to dual oversight, a structure adopted by few Mexican financial groups of comparable scale. Management believes this standard will enable the independent group to compete with top-tier institutions under equally transparent and regulated conditions, providing customers with additional assurance that their assets are properly managed and protected. Management also believes that a broader capital markets presence will create significant growth opportunities, expand access to financing, and enhance the stability benefiting both the group and its clients, enabling competition with top-tier institutions under equally regulated conditions while offering customers greater assurance that their assets are properly managed and protected. Management further states that a broader capital markets presence will bring growth opportunities, broaden financing channels, and enhance stability for the group and its clients.
Any such initiative will still be subject to various conditions, including but not limited to: the negotiation and execution of final documentation; prior approval from CNBV and other Mexican financial regulators; submission of required documents to the U.S. Securities and Exchange Commission and corresponding Mexican authorities; internal corporate approvals; applicable market access requirements; and market conditions. There is no assurance that any such initiative will be achieved or completed, or regarding its terms, timeline, or whether it will ultimately occur.
About TRF Casa de Bolsa
TRF Casa de Bolsa, S.A. de C.V. (formerly CI Casa de Bolsa) is a Mexican brokerage firm authorized and regulated by CNBV and wholly owned by Grupo Empresarial Trafalgar since June 2026. The company provides securities brokerage, money market and equity trading, corporate finance, mutual fund distribution, and custody services to institutional, government, corporate, and private clients in Mexico.
About Trafalgar SFP
Trafalgar SFP, S.A. de C.V., S.F.P. is a public financial company (SOFIPO) authorized and regulated by CNBV. Since beginning public operations in June 2026, the company has provided savings and credit products to individuals and businesses in Mexico.
About Grupo Empresarial Trafalgar
Trafalgar Group is a diversified Mexican conglomerate led by Chairman Porfirio Sánchez Talavera and CEO Carlos Septién Michel. Its regulated platforms include TRF Casa de Bolsa, Trafalgar SFP, and an electronic payment funds institution (IFPE), alongside asset management activities.
Important information about ratings
Ratings with the ".mx" suffix are local ratings that reflect Moody's Local Mexico's view on the relative creditworthiness of Mexican issuers and obligations. They cannot be compared with global ratings and should not be interpreted as global ratings. Moody's Local MX S.A. de C.V. is not registered with the U.S. Securities and Exchange Commission as a "Nationally Recognized Statistical Rating Organization." The term "investment grade" mentioned in this press release refers solely to the Mexican local rating category and does not indicate that it qualifies as investment grade under Moody's global rating system or any other global rating system. Credit ratings are opinions and may be revised or withdrawn at any time; they do not constitute advice to buy, sell, or hold any security. The methodologies applied include: for TRF Casa de Bolsa, Moody's Local Mexico's Methodology for Rating Credit Institutions and Broker-Dealers, issued on January 26, 2024; for Trafalgar SFP. Complete rating actions can be viewed at www.moodyslocal.com/country/mx.
Non-solicitation or solicitation
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States, Mexico, or any other jurisdiction; no securities may be offered or sold in any jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Forward-looking statements
This press release contains forward-looking statements, including statements regarding business plans, anticipated capital levels, break-even and profitability targets, counterparty onboarding, customer growth, commercialization of Trafalgar SFP, and the group’s intention to participate in the securities markets in the United States and Mexico. Words such as “anticipated,” “intention,” “plan,” “target,” “may,” “will,” and similar expressions are used to identify forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including regulatory actions in Mexico and the United States, pending or future authorizations, changes in credit ratings, market and interest rate conditions, competition, operational and technological risks, litigation, and the ability to negotiate and complete any capital markets initiatives. The company cautions readers not to place undue reliance on forward-looking statements, which reflect only the situation as of the date of this press release. Except as required by applicable law, Grupo Empresarial Trafalgar and its subsidiaries undertake no obligation to update any forward-looking statements.
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