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Reduced Revenues Should Strain Mexican Local And Regional Governments' Budgets Even More Through 2010 May 09

  • ID: 1921754
  • May 2009
  • Region: Mexico
  • Standard & Poors

FEATURED COMPANIES

  • Aguascalientes (State of)
  • Campeche (State of)
  • Chihuahua (State of)
  • Durango (State of)
  • Guanajuato (State of)
  • Guerrero (State of)
  • MORE

Abstract
Mexican local and regional governments (LRGs) are facing complex financial and economic conditions that could challenge their creditworthiness through year-end 2010. We expect lower federal transfers ("participations"), a decline or stagnation in LRGs' own-source revenues, and pressure from permanent operating expenditures. However, we do not expect to change many ratings on Mexican LRGs, given their low average debt and ability to curtail capital expenditures to balance their budgets. (Listen to the related podcast titled, "How Financial Woes Could Hamper Mexico's Local And Regional Governments," dated Jun. 8, 2009.) Variations in economic growth and tax collections directly affect the amount of federal participations the LRGs receive. Assuming that Mexico's economy will contract by 5% in 2009 and real GDP will grow...

Companies mentioned in this report are:
- Nuevo Leon (State of)
- Durango (State of)
- Guanajuato (State of)
- Oaxaca (State of)
- Sinaloa (State of)
- Aguascalientes (State of)
- Juarez (City of)
- Chihuahua (State of)
- San Nicolas de los Garza (City of)
- Guerrero (State of)
- Campeche (State of)

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- Nuevo Leon (State of)
- Durango (State of)
- Guanajuato (State of)
- Oaxaca (State of)
- Sinaloa (State of)
- Aguascalientes (State of)
- Juarez (City of)
- Chihuahua (State of)
- San Nicolas de los Garza (City of)
- Guerrero (State of)
- Campeche (State of)

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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