An established track record of and commitment to macroeconomic stability, with support across political parties. Fiscal debt and interest burdens that we expect to remain fairly steady, complemented by favorable debt composition. External debt in line with the 'BBB' median and lower external financing needs than many peers'. Limited fiscal flexibility, stemming from a low non-oil tax base and budgetary dependence on oil revenue, with oil production still likely to decline over the coming years. Lower real GDP growth prospects than many other emerging markets. Institutional weaknesses and a political landscape that limits prospects for deep reform until the next presidential administration. The ratings on the United Mexican States (Mexico) reflect the government's broad-based commitment to stable macroeconomic policy, the
