MEXICO CITY (Standard&Poor's) Feb. 3, 2005--Standard&Poor's Ratings Services today issued a commentary that indicates that pension liabilities may become financial burdens on Mexican states and municipalities if reform is not implemented in the near future. The article, entitled "The Impact Of Pension Liabilities On Mexican States And Municipalities," finds that most Mexican pension systems are underfunded and/or inefficiently managed, making it necessary to be increasingly aware of the impact this could have on an entity's finances and on its capacity to honor its financial obligations in a timely manner. "Although pension liabilities have not yet led to rating changes for the Mexican entities, delaying pension reform could have a negative effect on their creditworthiness in the
