Swell, a leading Mexican credit provider, has received a BBB- with a Stable Outlook credit rating from firm HR Ratings.
It closed with a 35.3% capitalization ratio at year-end 2024, a clear indicator of the firm’s sustained financial resilience.
“This new rating conveys a validation that the Strategic Plan we announced in 2024, coupled with prudent risk management and our financial discipline, is leading to successful results,” explained Ethel Mora, who took over as the company’s CEO in 2023.
“The fact that HR Ratings have reaffirmed our favorable rating shows how ready we are to grow in the near future,” she added.
With over 20 headstrong and around two hundred active clients, Swell currently manages a total loan portfolio valued at approximately 245 million Mexican pesos (13,14 million USD) as of June 2025.
In 2024, the company’s pre-tax earnings remained stable, closing at 10.8 million pesos compared to 10.6 million pesos in the previous year.
The credit rating, bylined by analysts Oscar Herrera, Ana Landgrave, Angel García, and Roberto Soto, explains Swell’s strong credit position and its ability to consistently generate shareholder profit and add value to the market.
In its report, the rating agency also noted some deterioration in Swell’s loan portfolio quality, with overdue loans of 45.9 million pesos, resulting in a delinquency rate of 19.1 percent at the end of 2024.
Long-term delinquencies (over ninety days) remained essentially unchanged year-over-year at 33.9 million pesos.
Net profit declined to 5.6 million pesos due to higher tax expenses related to non-deductible provisions, which became irrecoverable, resulting in an average ROA of 1.7 percent.
Swell was founded in 2010 and specializes in lending to small and medium enterprises (SMEs). While most of its loans are focused on machinery and transportation equipment, auto leasing for cars and commercial vehicles, the company also provides financing for working capital, capital expenditures, asset acquisitions, and investment projects.
Swell operates under the supervision of Mexico’s National Banking and Securities Commission and the National Commission for the Protection of Users of Financial Services.
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