In March of 2007, HR Ratings in Mexico opened its doors. The moment seemed historically auspicious. The domestic debt market had grown into a formidable platform for issuers, with asset-backeds staging a placement record of around $6 billion in 2006. Rumblings from sub-prime told off a pesky but contained phenomenon up north.

All that changed later in the year when local confidence began to slide. Soon enough, the entire domestic market had succumbed to the global financial crisis. Meanwhile, instead of waiting for brighter conditions, HR angled for opportunities wherever they might lie.

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