Standard&Poor's Ratings Services lowered its transfer and convertibility (T&C) risk assessment to 'A' from 'A+' on the United Mexican States. Consequently, we affirmed the ratings on six private-sector Mexican corporate entities and projects. Geographic diversity, cash flow and liquidity stress testing, and off-shore shareholders are among the factors keeping Mexican ratings above the foreign currency rating on the sovereign. On Dec. 14, 2009, Standard&Poor's Ratings Services affirmed the ratings on six private-sector Mexican corporate entities and projects. This follows our decision to lower our T&C risk assessment to 'A' from 'A+' on the United Mexican States, which remains a notch higher than our highest rated private corporate issuer. The long-term foreign currency sovereign credit rating on
