Moody's cuts Nuevo León outlook to negative

Moody's de Mexico said it changed the outlook of the State of Nuevo León's Aa3.mx issuer rating (Mexico national-scale) to negative from stable.

Moody's Investors Service said it changed the outlook of Nuevo León's Baa3 issuer rating to negative from stable.

The rating action reflects the recent weakening of financial results as evidenced by: a) the recording of unbalanced fiscal results between 2005 and 2008, exacerbated in 2009 by the economic slowdown, b) significant increase in debt burden in 2009 and further increases expected in 2010, and c) challenges to rebalance financial performance and liquidity in the medium-term, the agency said.

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