S&P: Queretaro Arteaga view positive

Standard & Poor's said it revised it outlook on the State of Queretaro Arteaga, United Mexican States, to positive from stable and affirmed its mxA+ national scale rating on the state.

According to S&P credit analyst Daniela Brandazza, the outlook revision is based upon the expectation that Queretaro's economic strengths will support increases in modifiable revenue and allow the state to maintain strong capital spending. In addition, S&P expects the state's solid financial performance and prudent debt management to continue.

"The positive outlook reflects Standard & Poor's expectation that Queretaro's new debt conditions and profile will benefit the state's finances, and that a sound financial performance will be maintained," said Brandazza. "Further improvement in the state's debt profile, as well as the addressing of its contingent liabilities via pension reform, could result in an upward movement of the rating."

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