S&P affirms Baja California

Standard & Poor's said it affirmed its AA-(mx) national-scale rating on the State of Baja California, United Mexican States. The outlook remains stable.

S&P said the rating is supported by Baja California's vibrant economy and its ability to tap into its economic base, enabling the state to reach higher-than-average levels of modifiable revenue, a solid budgetary performance and manageable direct and guaranteed debt.

Factors that offset these credit strengths include pending pension reform, which could pressure the state's finances if not implemented over the next few years, and the need to continue investing in basic infrastructure to meet the growing demands of the state's population, the agency noted.

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