An established track record of commitment to macroeconomic stability that is supported across political parties. Fiscal debt and interest burdens comparable to the 'BBB' median, complemented by a favorable composition of debt. External debt in line with the 'BBB' median, and external financing needs stronger than those of many peers. Limited fiscal flexibility, stemming from a low non-oil tax base and budgetary dependence on oil revenue amid a secular decline in oil production. Comparatively low real GDP growth prospects vis-à-vis its peers. Institutional weaknesses and a political landscape that limits prospects for deep reform until the next presidential administration. The ratings on the United Mexican States reflect Standard&Poor's Ratings Services' assessment that the steps the executive branch and
