Mexico's track record of cautious fiscal and monetary policy should sustain low inflation and government deficits, keep external debt levels steady, and contribute to economic resiliency. We have affirmed our 'BBB/A-3' foreign- and 'A-/A-2' local-currency sovereign credit ratings on Mexico. The stable outlook reflects our expectation that the Mexican government will keep its fiscal and external debt burdens contained despite the vulnerabilities posed by a comparatively low growth environment. On Feb. 27, 2012, Standard&Poor's Ratings Services affirmed its 'BBB/A-3' foreign- and 'A-/A-2' local-currency sovereign credit ratings on the United Mexican States (Mexico). The outlook remains stable, and the transfer and convertibility assessment is unchanged at 'A'. The ratings on Mexico reflect the government's track record of cautious fiscal
