This report does not constitute a rating action. El Niño is a recurring climate phenomenon characterized by above-average sea surface temperatures in the central and eastern Pacific, which usually lasts between nine and 12 months. Together with La Niña, it forms the El Niño-Southern Oscillation cycle. This disrupts atmospheric and precipitation patterns, along with temperatures, on a global scale. In Mexico, this phenomenon manifests itself through droughts in parts of the country, heavy rainfall in others, and a higher-than-normal hurricane and cyclone season. In other countries, impacts include adverse fishing conditions, floods, landslides, droughts, and wildfires. Mexico has experienced several episodes of this phenomenon, but the most intense ones in the last 30 years occurred in 1997, 2015-2016, and 2023-2024.
