S&P lowers Campeche to stable

Standard & Poor’s said it revised the outlook on the state of Campeche to stable from positive.

The agency also said it affirmed the state’s mxA national scale rating.

The outlook revision reflects an expectation that it will face greater challenges to balance its budget during 2015 and 2016, following lower tax participations transfers due to lower oil prices, S&P said.

This situation will hamper the process of fiscal consolidation that has been ongoing since 2009, the agency said.

S&P also said the state will continue to post small deficits after capital expenditure in 2015 through 2017.

The ratings also consider its very low debt level and low contingent liabilities, the agency added.

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