S&P raises Michoacán rating

Standard & Poor's said it raised its national scale rating on the State of Michoacán, United Mexican States, to mxA+ from mxA.

The outlook remains stable.

S&P said the upgrade reflects the improvement in the state's budgetary performance over the last year, with an operating balance that reached 11% of operating revenue in December 2004, and efficient control of operating expenditure growth. As of May 2005, the state had continued to manage its budget adequately.

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