Moody's raises Nuevo Leon

Moody's Investors Service said it raised the issuer ratings of the State of Nuevo Leon to A1(mx) Mexico national-scale and Ba1 global-scale local currency from A3(mx) and Ba3, respectively.

The upgrade takes note of a consistent record of strong operating results, which contribute to above average financial flexibility, the agency said, adding that these circumstances reflect notably sound budgetary management.

Also noted is the state's reliably positive liquidity position, Moody's added.

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