The ratings on the United Mexican States reflect Standard&Poor's Ratings Services' assessment that the steps the executive branch and congress took in November 2009 to raise non-oil revenues and improve efficiencies in the economy likely will be insufficient to compensate for a weakening of the nation's fiscal profile. This weakening has stemmed from a combination of modest GDP growth prospects and expectations for diminished oil production over the coming years. The revenue measures approved in the 2010 budget should address immediate concerns about the nation's fiscal vulnerability to volatile oil revenues. However, an inability to widen the tax base substantially, along with the low likelihood of major tax reforms in the next several years, suggests that Mexico's debt
