Press Release|Sovereigns
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KBRA Affirms BBB/K2 Ratings for Mexico; Outlook Stable

30 Oct 2025   |   New York

Contacts

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 ParticipationYes
With Access to Internal DocumentsNo
With Access to ManagementYes

The affirmation reflects expectations of continued fiscal restraint, resilience to the impact of U.S. tariffs, and improved liquidity visibility at Petróleos Mexicanos, even as solvency challenges persist. Mexico’s economy remains well managed, supported by a strong fiscal framework, a flexible exchange rate, and an independent central bank. Following a temporary pause in fiscal consolidation in 2024, fiscal discipline is expected to resume. While the domestic policy environment continues to weigh on private investment and growth potential, fiscal and external buffers remain solid. Mexico’s strategic ties with the U.S., compliance with the United States–Mexico–Canada Agreement, and ongoing nearshoring trends reinforce long-term resilience. KBRA views prudent fiscal management, macroeconomic stability, and transparency as key factors underpinning the Stable Outlook.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012014