Moody's drops Huixquilucan

Moody's Investors Service said it has lowered the issuer rating of the Municipality of Huixquilucan (State of Mexico) to Baa3(mx) from Baa2(mx), while maintaining the municipality's global-scale rating at B1.

The outlook remains negative.

The issuer rating downgrade was prompted by the municipality's large operating and financing deficits of recent years, which have substantially weakened its liquidity, the agency said.

Moody's noted that the downgrade also takes into account heightened budget pressures posed by the increase in debt service costs required for the municipality's recent borrowing.

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