S&P affirms Yucatan

Standard & Poor's said it affirmed its mxA national-scale rating on the State of Yucatan, United Mexican States.

The outlook remains stable.

The rating on Yucatan is supported by an adequate budgetary performance, with operating balances that have averaged 8.0% of operating revenue in the last three years.Sound management policies and a low debt burden compared with national and international standards, but it could increase in the next few years, the agency said.

S&P added that the ratings are constrained by Yucatan's below-average gross state product per capita and a population that grows at a higher rate than the national average and limited financial flexibility, with modest modifiable revenue and expenditure that cannot be easily reduced because of the growing demand of public services and basic infrastructure needs.

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