Fitch affirms CFE

Fitch Ratings said it affirmed Comision Federal de Electricidad's (CFE) national scale rating and all locally issued debt at AAA(mex).

The outlook is stable.

The agency said CFE's ratings reflect the company's position as the largest electric energy generator in Mexico, its exclusive transmission and distribution rights, and its strategic importance in the country's growing economy.

The rating also incorporates CFE's high exposure to political interference given its status as a wholly owned decentralized agency of the Mexican government, budgetary constraints and a weak tariff structure, Fitch said

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