KBRA Affirms BBB/K2 Ratings for the United Mexican States; Stable Outlook
30 Oct 2026 | New York
KBRA affirms Mexico’s long-term issuer ratings of BBB. KBRA also affirms the short-term issuer ratings of K2. The Outlook on the long-term ratings is Stable.
| This credit rating is an unsolicited credit rating. | |
| With Rated Entity or Related Third-Party Participation | Yes |
| With Access to Internal Documents | No |
| With Access to Management | Yes |
KBRA’s affirmation of Mexico’s ratings reflects the country’s large and diversified economy and sound macroeconomic management, supported by a flexible exchange rate, an independent central bank, and prudent fiscal and debt management. The Stable Outlook reflects expectations for continued, albeit slower, fiscal consolidation and resilience amid U.S. trade policy uncertainty. Relatively weak growth compared to major trading partners and emerging market peers, continued financial support for Petróleos Mexicanos (Pemex) and rising social spending commitments add stress to the fiscal accounts. KBRA’s expectation for the United States-Mexico-Canada Agreement (USMCA) to remain relevant for its North American trading partners enhances Mexico’s creditworthiness. Negative ratings pressures could build upon a meaningful fiscal deterioration.
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