S&P puts Nuevo León on positive watch

Standard & Poor's said it placed its A-(mx) national-scale rating on the State of Nuevo León, United Mexican States, on CreditWatch with positive implications.

The agency said it expects that the rating will be raised once the state's debt refinancing plan is fully implemented, an event that is likely to occur in the next three months.

S&P said pending transactions will extend current debt maturities to 18 years, which should result in a reduction of annual debt-service payments, a factor that would support a higher rating.

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