The ratings on the United Mexican States are supported by: Cautious fiscal management. The government has contained the public sector's deficit below 4% of GDP during the recent years of recession and low growth, sustaining investor confidence despite financial turmoil in other parts of Latin America. Prudent debt management. Total public sector debt, including that from state-owned enterprises and all contingent liabilities under the Pidiregas investment program, has hovered below 50% of GDP in recent years. The maturity of the government's market debt, and the portion issued at fixed interest rates, is likely to continue to gradually increase in coming years. Manageable external liquidity, with public sector external debt below 50% of projected current account earnings in 2002. Growing foreign-exchange
