NEW YORK (Standard&Poor's) May 11, 2004--Standard&Poor's Ratings Services said today that it affirmed its 'BBB-' long-term and 'A-3' short-term foreign currency sovereign credit ratings on the United Mexican States. It also affirmed Mexico's 'A-' long-term and 'A-2' short-term local currency sovereign credit ratings on Mexico. The outlook on the long-term ratings remains stable. According to Standard&Poor's Ratings Services credit analyst Joydeep Mukherji, Mexico's ratings are supported by its track record of macroeconomic stability, growing economic integration with the U.S. market, and improved financial stability and debt profile. "The stable outlook is based upon the expectation that the Mexican government will maintain its commitment to moderate budget deficits that are consistent with macroeconomic stability," said
