S&P lifts Mexico

Standard & Poor's said it raised the national scale rating on the State of Mexico to mxBBB from mxBBB-.

The outlook is positive.

According to the agency, the rating is supported by a diversified economic base and funded pension.

The rating is constrained by weak liquidity and limited fiscal flexibility, S&P said.

The upgrade is based on the state's budgetary performance during the past several years and positive revenue prospects in 2008, resulting from recently approved fiscal reform in Mexico, the agency said.

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