Standard&Poor's has published its methodology to link short-term and long-term ratings for corporate and sovereign issuers. Based on the application of our criteria, we are raising our short-term foreign currency rating on Mexico to 'A-2' from 'A-3'. The change does not reflect an improvement in our view of the country's short-term creditworthiness. We are affirming our other ratings on Mexico, and the outlook remains stable. The stable outlook reflects our expectation that the Mexican government will contain its fiscal and external debt burdens despite the vulnerabilities stemming from comparatively low growth. On July 9, 2012, Standard&Poor's Ratings Services raised its short-term foreign currency sovereign credit rating on the United Mexican States to 'A-2' from 'A-3'. At
