The implementation of the landmark energy reform, supported by changes in the fiscal framework, bolsters Mexico's growth prospects and fiscal flexibility over the next three years, despite declining oil prices. Allegations of corruption and persistent concerns about security will challenge the president's leadership capabilities but are not likely to materially affect economic policy implementation. We are affirming our 'BBB+' long-term foreign currency sovereign credit rating and our 'A' long-term local currency rating on Mexico. The outlook is stable, balancing the challenges of implementing these ambitious reforms in 2015 and 2016 with the benefits of increased fiscal flexibility and more dynamism in the economy that we expect to be realized only over the next two to three years. On Dec. 18,
