Fitch Ratings announced that it has affirmed the long-term and short-term national ratings of PACCAR Financial México, SA de CV (PFM) dual-currency securities program at ‘AAA(mex)’ and ‘F1+(mex)’, respectively. At the same time, it affirmed the long-term national rating of ‘AAA(mex)’ on the issue with the ticker symbol PCARFM 24 .
The CB program is revolving for an authorized amount of up to 12 billion pesos or its equivalent in investment units (Udis), without exceeding five billion in short-term issues.
PFM’s dual CB program ratings are derived from Fitch’s assessment of the capacity and propensity to support, if needed, by its ultimate parent company, PACCAR Inc. (PACCAR) . The propensity to support considers the significant role of the financial captive in PACCAR’s operations.
Fitch believes PACCAR’s support capacity is solid and that the support would be manageable, given PFM’s modest size relative to its parent company. As of the second quarter of 2026 (2Q26), PFM’s total assets represented approximately 4% of PACCAR’s total assets. “Therefore, the CB program’s ratings are at the highest level on Fitch’s national scale in Mexico,” the agency stated.
PFM plays a strategic role with PACCAR and its local subsidiaries, as it serves as the financial arm of PACCAR’s manufacturers to facilitate the sale of units in Mexico through various credit products.
“As of Q2 2026, PFM financed approximately 41% of the sales of its subsidiaries’ units in Mexico. Fitch also considers the high level of integration that the entity has with PACCAR, through strategic and operational guidelines at the group level, to be of moderate importance,” the rating agency shared.
Regarding the financial profile, it is good and the agency considers it of moderate importance within its assessment of PACCAR’s propensity to support. “As of Q2 2026, the profit before tax on average assets ratio was a high 8.5% despite the increase in delinquency to 3.9% (2022-2025 period average: 2.3%) .”
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