Moody's lowers Quintana

Moody's de Mexico said it downgraded the issuer ratings of the State of Quintana Roo to Baa2.mx from A2.mx on the Mexican national scale and to B1 from Ba2 on the global scale, local currency.

The outlook remains negative.

Moody's said the downgrade reflects further than expected deterioration of Quintana Roo's financial performance in 2011 on an absolute basis and relative to peers.

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