The passage of a landmark energy reform, supported by some changes in the fiscal framework, bolsters Mexico's growth prospects and fiscal flexibility in the medium term. We are raising our long-term local currency sovereign credit rating on Mexico to 'A' and our long-term foreign currency rating to 'BBB+'. We are raising our short-term local currency rating to 'A-1' and affirming our short-term foreign currency rating at 'A-2'. The outlook is stable, balancing the challenges of implementing these ambitious reforms in 2014 and 2015 with the benefits of increased fiscal flexibility and more dynamism in the economy that we expect to be realized only over the medium term. On Dec. 19, 2013, Standard&Poor's Ratings Services raised its long-term local
