Moody's ups Baja California

Moody's Investors Services said it upgraded the State of Baja California's issuer ratings to Aa3.mx (national scale) from A1.mx and Baa3 (global scale, local currency) from Ba1.

Moody's said the upgrade is prompted by Baja California's good financial performance, favorable debt profile and growing economic base.

Also supporting the upgrade was a reduced risk posed by the growing debt levels of the state's water companies, whose improved financial performance appears to have diminished the likelihood of a financial bailout by the state, according to Moody's.

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