United Mexican States Sep 06

Standard & Poors, September 2006

Abstract
Growing macroeconomic stability; An improving debt profile; and Improving external liquidity. A lack of political consensus on economic policies; The government's narrow nonoil tax base; and A weak institutional framework that constrains growth prospects. The ratings on the United Mexican States are supported by: Growing macroeconomic stability. Low inflation, a flexible exchange rate, and deepening financial markets give Mexico greater ability to adjust to negative shocks. Growing integration with the U.S. economy, as shown by the tight connection between industrial growth in the U.S. and GDP growth in Mexico, contributes to greater stability. That, in turn, sustains investor confidence despite little prospect of structural reform over the near term; An improving debt profile. Monetary stability and growing domestic capital markets...

Companies mentioned in this report are: United Mexican States,Nacional Financiera, S.N.C. (NAFIN),Banco Nacional de Comercio Exterior, S.N.C. (Bancomext),Petroleos Mexicanos (PEMEX),Banco Nacional de Obras y Servicios Publicos, S.N.C.,Kot Insurance Company A.G.,Pemex Project Funding Master Trust,Sociedad Hipotecaria Federal, S.N.C.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

United Mexican States,Nacional Financiera, S.N.C. (NAFIN),Banco Nacional de Comercio Exterior, S.N.C. (Bancomext),Petroleos Mexicanos (PEMEX),Banco Nacional de Obras y Servicios Publicos, S.N.C.,Kot Insurance Company A.G.,Pemex Project Funding Master Trust,Sociedad Hipotecaria Federal, S.N.C.

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