S&P upgrades Queretaro

Standard & Poor’s said it upgraded the state of Queretaro to BBB from BBB- on a global scale and to mxAA+ from mxAA on a national scale.

The outlook is stable.

The upgrades reflect the state’s strong liquidity position, which should be maintained in the next couple of years, S&P said.

The upgrades also consider its historically conservative debt policy, the agency said, and long track record of the state’s satisfactory financial management.

The ratings constraints are the evolving and unbalanced institutional framework and Queretaro’s weak budgetary flexibility, which are common for most Mexican states, S&P said.

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