...Fitch Ratings rates 14 Mexican local and regional governments (LRGs) on the international scale. Almost all these entities are capped by the sovereign rating of 'BBB-' with a Stable Outlook, which reflects a high degree of interdependence between national and subnational finances. In 2025, Fitch affirmed the Issuer Default Ratings (IDRs) of three states and ten municipalities, all with Stable Outlooks, and assigned a rating to the Municipality of QuerTtaro. Most entities also had their National Long-Term Ratings affirmed at 'AAA(mex)', while the State of Mexico remained rated 'AA+(mex)', as its Standalone Credit Profile (SCP) is aligned with Mexico's sovereign rating . The SCP of these Mexican states ranged from `bbb-' to `a+', while those of the municipalities ranged between `bbb' an `aa-'. These SCPs were unchanged from the prior review, indicating stable financial metrics and credit assessments....
