S&P boosts Campeche

Standard & Poor's said it raised its national-scale rating on the State of Campeche, United Mexican States, to mxA+ from mxA.

The outlook is stable.

According to S&P, the upgrade is based on consolidation of the state's strong budgetary performance, with operating surpluses averaging 17.5% of operating revenue during the past three years.

The stable operating performance of the past several years was supported by a more predictable federal transfers system that enabled better planning of both revenue flows and the execution of capital expenditure, the agency noted.

The rating reflects solid management policies, including external financial audits and updated actuarial valuations as well as the absence of direct debt and guaranteed obligations, S&P added.

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