The Sheinbaum administration has committed to reducing Mexico's fiscal deficits and stabilizing its public finances and debt burden. Potential disputes between Mexico and the U.S. on trade, immigration, and other matters will likely be managed in a pragmatic manner that sustains economic stability. Therefore, we affirmed our 'BBB' long-term foreign currency and 'BBB+' long-term local currency sovereign credit ratings on Mexico. The stable outlook incorporates our expectations of prudent monetary policy and a return to low fiscal deficits that stabilize public finances and maintain Mexico's solid external position. On Dec. 13, 2024, S&P Global Ratings affirmed its 'BBB' long-term foreign currency and 'BBB+' long-term local currency sovereign credit ratings on Mexico. The outlook remains stable. We also affirmed our short-term
