S&P affirms Durango

Standard & Poor's said it affirmed its A-(mx) national-scale rating and stable outlook on the State of Durango, United Mexican States.

The rating reflects strengths that include an increasingly diversified economy, with a growth rate above the national average and management policies that include the availability of third-party audits, actuarial valuations and periodic financial reports, S&P said.

Factors offsetting these credit strengths include a heavy debt burden, with mounting debt service that is expected to stabilize after completion of a debt-refinancing plan and limited revenue and expenditure flexibility, which has somehow weakened the state's budgetary performance, the agency added.

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