A track record of and commitment to keeping low fiscal deficits and low inflation, with support across political parties. Fiscal debt and interest burdens that we expect to remain fairly steady, complemented by favorable debt composition. Moderate external debt levels and external financing needs that reflect the absence of large economic imbalances in the public and private sectors. 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 most peer emerging markets. Institutional weaknesses, and a political landscape that renders passage of controversial reform challenging given the need for cross-party negotiation. The ratings on the United Mexican
