NEW YORK (Standard&Poor's) Jan. 14, 2004--Standard&Poor's Ratings Services today issued a new commentary that finds that Mexican states have reshaped their debt structures. The article, entitled "The Positive Evolution of State Debt in Mexico: A Success Story?" (available on RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com; members of the media may obtain copies of the full report by contacting David Wargin at (1) 212-438-1579 or by e-mail at david_wargin@standardandpoors.com), finds that even though the overall creditworthiness of Mexican states has improved, there is still a long way to go. "While state debt has indeed been rising in nominal terms, the trend is opposite when debt is compared to Participaciones," said Standard&Poor's
