On Dec. 17, 2002, Standard&Poor's affirmed its sovereign credit ratings and outlook on the United Mexican States. Mexico's ratings are supported by its: Prudent fiscal and debt management. The government has contained the public sector's deficit below 4% of GDP during recent years of recession and low growth, sustaining investor confidence despite financial turmoil in other parts of Latin America. Total public-sector debt, including that from state-owned enterprises and all contingent liabilities under the Pidiregas investment program, has hovered below 50% of GDP in recent years. The maturity of the government's market debt, and the portion issued at fixed interest rates, is likely to continue to gradually increase in coming years. Manageable external liquidity, with public-sector external debt
