Moody’s lifts Benito Juarez

Moody’s Investors Service said it upgraded the municipality of Benito Juarez’s (Cancun) Mexican national scale rating to Baa1.mx from Baa3.mx and B1 global scale local-currency rating from B2.

Moody’s also revised its outlook to positive from stable.

The upgrades reflect a view that Benito Juarez’s credit profile improved against its national peers as evidenced by strong own-source revenues generated by the municipality’s wealthy economic base, positive gross operating and financial results during the last three years and declining debt levels, the agency said.

The positive outlook reflects an expectation that Benito Juarez will continue to register positive operating and financial results in the next 12 to 18 months, Moody’s said.

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