S&P affirms Campeche

Standard & Poor's said it affirmed its A(mx) national-scale rating on the State of Campeche, United Mexican States.

The outlook remains stable.

S&P said that the rating reflects credit strengths that include a solid budgetary performance, with operating balances that have surpassed 10% of operating revenues since 1999 and a professional management team, which has maintained good management practices and third-party financial audits.

Factors offsetting these credit strengths include an economic base that is highly reliant upon the oil industry, although the current administration has taken steps to help diversify the local economy and limited financial flexibility, with modifiable revenue below the average reported by the rated Mexican states, the agency added.

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