TRF Casa de Bolsa rated as BBB +. mx, Trafalgar SFP rated as BBB.mx; both are expected to remain stable.The group stated its intention to participate in the securities markets of the United States and Mexico.

Mexico City and New York, October 13, 2026 / PRNewswire / -- Trafigura Group ( Grupo Trafalgar ), led by Chairman Porfirio S á nchez Talavera and CEO Carlos Septi én Michel, announced today that Moody's Local MX S .A. de C.V (.“Moody’s Local Mexico”) has granted Mexican national rating investment-grade ratings to its two major regulated entities: brokerage firm TRF Casa de Bolsa , S.A . de C.V (.“ TRF Casa de Bolsa ”), as well as Mass Financial Corporation Trafalgar SFP , S.A . de C.V ., S.F.P (.“ Trafalgar SFP ”).

All ratings are those of local Mexican issuers under Moody's local Mexican national rating system.

Both long-term ratings fall within the investment-grade range of Mexico's national rating system – according to the usual classification of the Mexican market, BBB -. mx and above belong to this category. The national ratings measure the relative creditworthiness of Mexican issuers compared to each other. They are not global ratings and cannot be compared with the ratings under Moody's global rating system.

TRF Casa de Bolsa: Independent securities firm, awarded BBB + mx

TRF Casa de Bolsa was acquired by the Trafigura Group starting from June 2026. As this transaction constituted a change in control, Moody's assessed the company based on its new business model financial projections for Mexico. According to Moody's Mexico, the rating reflects the following factors, while also taking into account the limited financial track record of the company under the control of its existing shareholders:

• A mature platform with complete licenses. The company has retained the authorization, technical infrastructure, trading desks, and most of the senior management team from the Mexican National Bank and Securities Commission (Comisi on Nacional Bancaria and de Valores, abbreviated as CNBV).
• Capital level. New shareholders made capital contributions as part of a broader capital replenishment plan. According to Moody's standardized scenario for Mexico, as the business expands, the capital adequacy ratio ( ICAP ) is expected to approach around 30%, and the capital level will still be above the regulatory minimum requirements.
• Prudent liquidity and leverage structure. The intermediary business mainly focuses on government debt instruments, with intraday settlement as the primary method. The proprietary positions are limited, and the risk limits have also been adjusted to a more conservative framework.
• Short-term solvency. The ML A -2. mx rating indicates that, compared to other Mexican issuers, the company has a higher ability to fulfill its short-term obligations than the average.

TRF Casa de Bolsa is an independent brokerage firm and does not belong to any banking group; whereas many Mexican brokerage firms benefit from the implicit support of their parent banks in credit assessments. Management believes that this rating is of great significance as it is based on the company's own capital level, liquidity, risk management, business model, as well as the support of the Trafalgar Group, rather than relying on such parent bank endorsements.

The stable outlook covers the next 12 to 18 months and reflects market expectations: the company will continue to expand its counterparty and agency relationships, re-activate its customer base, increase managed assets, and implement its stabilization plan, while maintaining capital, liquidity, and leverage levels that are consistent with its risk appetite. Management's forecasts, which have been taken into consideration in Moody's local Mexico analysis, anticipate that the company will achieve break-even in the second half of 2027 and turn a net profit in 2028. There are significant risks and uncertainties associated with these forecasts, and actual results may differ substantially.

Trafalgar SFP: Received investment-grade rating in the first year of operations

Trafalgar SFP is a SOFIPO – that is, a regulated institution authorized to accept deposits and supervised by Mexico's "General Law on Savings and Credit" (Ley de Ahorro y Cr é dito Popular). It is authorized and supervised by CNBV and can provide individuals and small businesses with savings, credit, and other financial services. Trafalgar SFP was approved to begin operations in October 2025, and its BBB.mx rating was granted in less than 12 months thereafter.

Management believes that obtaining a national rating of investment grade within the first year of public operation validates the governance, risk framework, and capital plan adopted at the establishment of Trafalgar SFP. It also lays the foundation for the group's plans to jointly advance broader commercialization with TRF Casa, de, and Bolsa.

Management Commentary

The Group's CEO, Carlos Septi and Michel, stated: "In terms of the brokerage business, we have retained the effective elements from before – licenses, technology, and an experienced team – and we are supported by additional capital and a more stringent risk framework. In our SOFIPO business as well, we are starting from scratch with the same discipline. Now our focus is on execution."

He added, "Rebuilding the relationship with counterparties, expanding the customer base of both institutions, and achieving sustainable profitability are the key milestones that we are working towards organizing."

Capital Market Strategies in the United States and Mexico

The group stated that, separate from and independent of this rating action, Trafigura Group has expressed its willingness to participate in the securities markets of the United States and Mexico.

Management believes that combining the regulation of CNBV in Mexico with the information disclosure framework applicable to U.S. listed companies – including periodic reporting obligations, independent audits of financial statements, and executive certifications – will subject the group to dual supervision. However, among Mexican financial groups of similar size, not many have chosen to adopt this arrangement. Management believes that this standard will enable independent groups to compete with top-tier institutions under equally transparent and regulated conditions, and provide additional assurance that clients' assets are properly managed and protected. Management also believes that a broader capital market presence will bring significant growth opportunities, broaden financing channels, and enhance the stability of both the group and its clients, allowing them to compete with top-tier institutions under equally regulated conditions and providing further assurance that clients' assets are properly managed and protected. Management further states that a broader capital market presence will bring growth opportunities for the group and its clients, broaden financing channels, and enhance stability.

Any such measures will still depend on a number of conditions, including but not limited to: the negotiation and signing of the final documents; prior approval from CNBV and other Mexican financial authorities; the submission of required documents to the U.S. Securities and Exchange Commission as well as the corresponding Mexican regulatory agencies; internal company approval; applicable market access requirements; and market conditions. There is no guarantee that any such measures will necessarily be achieved or completed, nor can there be any guarantee regarding their terms, timelines, or whether they will ultimately occur.

Regarding TRF Casa, de, and Bolsa

TRF Casa de Bolsa, S.A de C.V (formerly known as CI Casa de Bolsa) is a Mexican brokerage firm authorized and regulated by CNBV. Since June 2026, it has been wholly owned by Grupo Empresarial Trafalgar. The company provides securities brokerage, money market and stock trading services, corporate financing, investment 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 mass finance company ( SOFIPO ) authorized and regulated by CNBV. Since its operation to the public began in June 2026, the company has been providing savings and credit products to individuals and businesses in Mexico.

About Grupo Empresarial Trafalgar

Traffaga Group is a diversified Mexican conglomerate, with Porfirio S to nchez and Talavera serving as the chairmen, while Carlos Septi and Michel hold the positions of CEO. Its regulated platforms include TRF Casa, de, Bolsa, Trafalgar SFP, as well as an electronic payment fund institution (IFPE). In addition, the group also engages in asset management services.

Important Information about Ratings

Ratings with the suffix “. mx” are national ratings that represent Moody's local Mexican perspective on the relative creditworthiness of Mexican issuers and their debt. They cannot be compared to global ratings and should not be interpreted as such. The ratings “Local MX S .A.” and “de C.V” have not been registered with the U.S. Securities and Exchange Commission as “Nationally Recognized Statistical Rating Agencies.” The term “investment grade” mentioned in this press release refers only to the Mexican national rating category and does not imply that it constitutes an investment grade under Moody's global rating system or any other global rating systems. Credit ratings are opinions that may be revised or revoked at any time and do not constitute recommendations to buy, sell, or hold any securities. The methodology used includes: for “TRF Casa de Bolsa,” Moody's local Mexican’s “Credit Institutions and Brokerage Firms Rating Method” issued on January 26, 2024, is applied; for “Trafalgar SFP.” Complete rating actions can be viewed at www.moodyslocal.com / country / mx.

Forced solicitation or recruitment

This press release is for informational purposes only and does not constitute an offer to sell any securities in the United States, Mexico, or any other jurisdiction, nor is it intended to solicit offers to purchase any securities. In any jurisdiction, it is illegal to make such offers, solicitations, or sales before registration or qualification under that jurisdiction's securities laws are completed. Therefore, no securities sales shall be conducted without such registration or qualification.

Forward-looking Statements

This press release contains forward-looking statements, including information regarding business plans, anticipated capital levels, break-even and profit targets, introduction of counterparties, customer growth, the commercialization of Trafalgar SFP, and the group's intention to participate in the securities markets of the United States and Mexico. Terms such as "anticipated," "intended," "planned," "target," "possible," "will," and similar expressions are used to identify these forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may result in significant differences from actual results. These include regulatory actions in Mexico and the United States and pending or future authorizations, changes in credit ratings, market and interest rate conditions, competition, operational and technical risks, litigation, as well as the ability to negotiate and complete any capital market initiatives. The company reminds readers not to rely excessively on forward-looking statements, which reflect only the circumstances as of the date of this press release. Except as required by applicable law, Grupo Empresarial Trafalgar and its subsidiaries have no obligation to update any forward-looking statements.

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