On May 11, 2004, Standard&Poor's Ratings Services affirmed its 'BBB-'long-term and 'A-3' short-term foreign currency sovereign credit rating on the United Mexican States. It also affirmed Mexico's 'A-' long-term and 'A-2' short-term local currency sovereign credit ratings. The outlook on all the long-term ratings remains stable. Mexico's ratings are supported by its: Track record of macroeconomic stability and growing economic integration with the U.S. market. Mexico has sustained investor confidence despite the government's failure to legislate structural reform, and despite the tepid economic growth of the past three years. The government has been able to contain the public sector borrowing requirement at below 3% of GDP. Growing integration between Mexico's industrial sector and the U.S. market should facilitate
