S&P: Nuevo Leon still on positive watch

Standard & Poor's said it said that its mxA- national-scale rating on the State of Nuevo Leon, United Mexican States, remains on CreditWatch with positive implications, where it was placed on May 5.

According to the agency, although the state has applied the first part of its refinancing plan, the second part is not expected to be implemented until the end of this month because Nuevo Leon has somewhat modified its financial strategy.

S&P added that the rating on Nuevo Leon is based upon a sound economic base as both the gross state product growth rate and per capita level are well above the Mexican national average, allowing for sustained growth in modifiable revenue, which in the first semester of 2006 reached 9.6% of operating revenue, and solid management practices.

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