OVERVIEW The Mexican government's recent fiscal and energy reform proposals could strengthen the country's fiscal flexibility and medium-term growth prospects. We are affirming our 'BBB/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Mexico. The positive outlook (assigned in March 2013) reflects the greater than one-in-three chance that the government could gain approval of measures to meaningfully improve fiscal room for maneuver and inject more dynamism into the economy. RATING ACTION On Oct. 10, 2013, Standard&Poor's Ratings Services affirmed its 'BBB/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Mexico. The outlook on its long-term credit ratings on Mexico remains positive. RATIONALE The ratings on Mexico reflect its track record of cautious fiscal and
