S&P affirms Mexico

Standard & Poor's said it affirmed its BBB/A-3 foreign- and A-/A-2 local-currency sovereign credit ratings on the United Mexican States.

The outlook remains stable, and the transfer and convertibility assessment is unchanged at A.

"The ratings on Mexico reflect the government's track record of cautious fiscal and monetary policy that has contributed to low government deficits and inflation, bolstered economic resiliency, and contained external debt levels," said S&P credit analyst Lisa Schineller in a news release.

"The ratings also reflect Mexico's limited fiscal flexibility and modest medium-term growth prospects," Schineller said.

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