Moody's rates Nogales Ba2

Moody's Investors Service said it assigned an A2.mx national scale issuer rating and Ba2 global- and local-currency issuer ratings to the Mexican municipality of Nogales, Sonora.

The agency said the ratings take into account Nogales' balanced financial performance, sustained growth of own-source revenues and an active regional economy.

The analysis also considers the municipality's narrow operating margins, weakened liquidity position and a contingency posed by the borrowing plans of the municipally owned water system, Moody's said.

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