Moody's upgrades Queretaro

Moody's Investors Service said it upgraded the issuer ratings of the state of Queretaro to Baa1 for global scale and local currency and Aa1.mx for Mexico national scale from Baa2/Aa2.mx.

The upgrade reflects the state's extended record of sound financial operations, aided by its demonstrated ability to control spending over the long term and an increase in the share of own-source revenue related to state payroll tax collections, which began in 2005, the agency said.

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