Moody's lowers Chihuahua

Moody's Investors Service said it downgraded the State of Chihuahua's global-scale local-currency rating to Ba1 from Baa3 and its Mexico national scale rating to A1.mx from Aa3.mx.

The outlook remains stable.

The downgrade is driven by Chihuahua's weak financial performance, Moody's said.

The state has recorded continuous modest cash-financing requirements that have led to increases in debt over the past five years, the agency said.

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