S&P affirms Puebla

Standard & Poor's said it affirmed its mxA+ national scale rating on the State of Puebla in the United Mexican States.

The outlook remains stable.

The agency said the rating is supported by Puebla's reasonably diversified economic base, which has maintained important levels of private investment; by adequate administrative practices, which have been maintained over the years; by manageable guaranteed debt; and by an absence of direct debt.

The rating is constrained by limited revenue and expenditure flexibility, pressured by Puebla's unequal economic development levels and demonstrated by basic infrastructure coverage below the national averages; and by pending pension reform that, if not approved, could pressure the state's finances over the medium term, S&P said.

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