S&P ups Baja California Sur outlook to positive

Standard & Poor's said it revised its outlook on the State of Baja California Sur, United Mexican States, to positive from stable.

At the same time, S&P said it affirmed its mxBBB+ national-scale rating on Baja California Sur.

The agency added that the revised outlook reflects the improvement in the state's modifiable revenue levels in 2006 compared with past years and the improvement stemmed from the increase in two state taxes.

This allowed Baja California Sur's modifiable revenue to reach the average level of the Mexican states rated by S&P.

The rating reflects a dynamic economic base, reflected in a gross state product growth rate and a GSP per capita level that are both above the national averages and an adequate budgetary performance, with an operating surplus equal to 4.6% of operating revenues in 2006, the agency said.

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