Predictable economic policies and a flexible economy have allowed Mexico to adjust to changing global conditions, including a sharp drop in the price of oil and a depreciation of the local currency, while maintaining stable growth and low inflation. The ratings on Mexico reflect its track record of cautious fiscal and monetary policies, which has contributed to limited government deficits and low inflation, as well as moderate fiscal and external debt levels. We are affirming our 'BBB+/A-2' foreign currency and our 'A/A-1' local currency long-term and short-term sovereign credit ratings on the United Mexican States. The outlook on the long-term rating remains stable, based on our expectation of continuity in economic policies in the coming three years, along with ongoing
