This report supplements our research update "Mexico 'BBB+/A-2' Foreign Currency Ratings Affirmed; Outlook Remains Stable," published Dec. 18, 2014. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Mexico reflect its track record of cautious fiscal and monetary policies, which has contributed to limited government deficits and inflation, and moderate fiscal and external debt levels. However, the sovereign's historically limited fiscal flexibility and low GDP growth performance constitute relevant credit weaknesses at the current rating. About one-third of the country's fiscal revenue still comes from the oil sector, which
