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Rating Action:

Moody's upgrades the debt ratings of Distrito Federal to A3 and affirms the ratings of Mexican states, municipalities, government related issuers and rated debt

 The document has been translated in other languages

07 Feb 2014

Mexico, February 07, 2014 -- Moody's de Mexico upgraded debt ratings and the following bond issuances of Distrito Federal to A3 from Baa1 Global Scale, (local currency) and affirmed the Aaa.mx ratings (Mexico National Scale):

• MXN 2.1 billion bond issuance (original face value) under the program GDFECB13.

• MXN 2.5 billion bond issuance (original face value) under the program GDFECB12.

• MXN 1.4 billion bond issuance (original face value) under the program GDFCB06.

• MXN 800 million bond issuance (original face value) under the program GDFCB05.

• MXN 7 billion (original face value) securitization of a loan from Dexia Credito Local to Distrito Federal CBPF48.

At the same time, Moody's also upgraded debt ratings of MXN 900 million bond issuance (original face value) within GDFCB10 and MXN 1.1 billion bond issuance within GDFCB10-2 respectively under an MTN program to (P)A3 from (P)Baa1 (Global Scale, local currency) and affirmed the Aaa.mx ratings (Mexico National Scale).

In addition, Moody´s affirmed the Global Scale (local currency) and Mexico National Scale ratings on its portfolio of Mexican states, municipalities, government related issuers and rated debt. These actions follow the upgrade of Mexico´s sovereign bond rating to A3 from Baa1 (for more information, please see separate press release link https://www.moodys.com/research/Moodys-upgrades-Mexicos-sovereign-rating-to-A3-from-Baa1-stable--PR_292144). Please consult the list at the end of this press release to check the credit ratings involved in this action.

RATINGS RATIONALE

Under the legal framework governing Distrito Federal, the Government of Mexico (Federal Government, A3/Aaa.mx, stable outlook) is the direct obligor of all debt incurred by Distrito Federal. Accordingly, the ratings upgrade reflects the credit quality of the Federal Government as reflected in its A3, stable rating.

The decision to affirm our ratings of rated Mexican states, municipalities, government-related issuers and rated debt reflects Moody's assessment that credit quality in the sector will not benefit immediately from the reduction in systemic risk as demonstrated by the upgrade in the sovereign rating. Moody´s continues to note that among the sub-sovereigns in Mexico, the credit culture is fragile, market imposed discipline is generally weak and there is still a relatively low level of oversight from the federal government, although it is strengthening. These characteristics lead us to conclude that individual risks, such as a generally weak financial performance despite growing revenues, will continue to drive credit quality.

WHAT COULD CHANGE THE RATINGS UP/DOWN

An upgrade of Mexico´s sovereign bond rating would translate into an upgrade of the debt ratings of Distrito Federal. A sovereign upgrade could also exert differentiated upward pressure on the ratings assigned to Mexican states, municipalities, government related issuers and rated debt; however, Moody's would require clear evidence that the stronger systemic environment has permeated at the sub-sovereign level.

A downgrade of Mexico´s sovereign bond rating would result in a downgrade of the debt ratings of Distrito Federal and could exert differentiated downward pressure on the ratings assigned to Mexican states, municipalities, government related issuers and rated debt. A significant deterioration of individual risks in any state, municipality, government related issuer and rated debt, including a financial or liquidity deterioration and/or abrupt increases in debt levels, could exert downward pressure on the ratings assigned.

Issuer and debt ratings of Mexican states (Global Scale, local currency/Mexico National Scale)

- Baja California, state of:

Issuer rating Baa2/Aa2.mx, negative outlook

- Chiapas, state of:

Issuer rating Ba2/A2.mx, stable outlook

o MXN 2.3 billion loan with Banobras: Baa3/Aa3.mx

o MXN 3.2 billion loan with Banobras: Baa3/Aa3.mx

o MXN 1.9 billion loan with Banobras: Baa2/Aa2.mx

o MXN 2 billion loan with Banobras: Baa2/Aa2.mx

o MXN 1 billion loan with Banobras: Baa3/Aa2.mx

o MXN 1.9 billion loan with Banorte: Baa3/Aa3.mx

- Chihuahua, state of:

Issuer rating Ba2/A2.mx, negative outlook

- Durango, state of:

Issuer rating Ba1/A1.mx, stable outlook

o MXN 603 million loan with Banco del Bajio: Baa2/Aa2.mx

o MXN 1.2 billion loan with Banorte: Baa2/Aa2.mx

o MXN 634.5 million loan with BBVA Bancomer: Baa2/Aa2.mx

o MXN 200 million loan with Santander: Baa2/Aa2.mx

o MXN 588.25 million loan with Banorte: Baa1/Aaa.mx

o MXN 400 million loan with BBVA Bancomer: Baa2/Aa2.mx

- Guanajuato, state of:

Issuer rating Baa1/Aa1.mx, stable outlook

- Guerrero, state of:

Issuer rating Ba2/A2.mx, stable outlook

o MXN 375 million loan with Santander: Baa3/Aa2.mx

o MXN 127 million loan with Banorte: Baa2/Aa2.mx

o MXN 200 million loan with Banobras: Baa2/Aa2.mx

o MXN 650 million loan with Dexia: Baa2/Aa2.mx

o MXN 200 million loan with Santander: Baa2/Aa2.mx

o MXN 500 million loan with Scotiabank: Baa2/Aa2.mx

o MXN 250 million loan with BBVA Bancomer: Baa2/Aa2.mx

- Hidalgo, state of:

Issuer rating Ba2/A2.mx, positive outlook

- Jalisco, state of:

Issuer rating Ba2 /A2.mx, stable outlook

o MXN 632 million loan with Banorte: Ba1/A1.mx

o MXN 374.7 million loan with Banorte: Ba1/A1.mx

o MXN 389 million loan with Banobras: Ba1/A1.mx

o MXN 1.1 billion loan with Banco del Bajio: Ba1/A1.mx

o MXN 665 million loan with Interacciones: Baa3/Aa3.mx

o MXN 409 million loan with Santander: Baa3/Aa3.mx

o MXN 650 million loan with Scotiabank: Baa3/Aa3.mx

o MXN 1 billion loan with Banobras: Baa3/Aa3.mx

o MXN 100 million loan with Scotiabank: Baa3/Aa3.mx

- Mexico, state of:

Issuer rating Ba2/A2.mx, stable outlook

o MXN 500 million loan with Foremex: Baa3/Aa2.mx

o MXN 1.1 billion loan with ISSEMyM: Baa3/Aa2.mx

o MXN 350 million loan with Banco del Bajio: Baa3/Aa2.mx

o MXN 750 million loan with Inbursa: Baa3/Aa2.mx

o MXN 500 million loan with Banorte: Baa3/Aa2.mx

o MXN 600 million loan with Banco del Bajio: Baa3/Aa2.mx

o MXN 610 million loan with Banorte: Baa3/Aa2.mx

o MXN 250 million loan with Banorte: Baa3/Aa2.mx

o MXN 3 billion loan with Multiva: Baa3/Aa2.mx

o MXN 5.5 billion loan with BBVA Bancomer: Baa2/Aa1.mx

o MXN 5.2 billion loan with Banamex: Baa2/Aa1.mx

o MXN 1.4 billion loan with Santander: Baa2/Aa1.mx

o MXN 454 million loan with BBVA Bancomer: Baa2/Aa1.mx

o MXN 3 billion loan with Banorte: Baa2/Aa1.mx

o MXN 2 billion loan with Banorte: Baa2/Aa1.mx

o MXN 1.5 billion loan with HSBC: Baa2/Aa1.mx

o MXN 590 million loan with Interacciones: Baa2/Aa1.mx

o MXN 500 million loan with Inbursa: Baa2/Aa1.mx

o MXN 5 billion loan with Banorte: Baa2/Aa1.mx

o MXN 3 billion loan with Banobras: Baa2/Aa1.mx

o MXN 1.8 billion Municipal Lending Program with Banobras : Baa3/Aa2.mx

- Morelos, state of:

Issuer rating Ba2/A2.mx, stable outlook

o MXN 220 million loan with BBVA Bancomer: Baa2/Aa2.mx

- Nayarit, state of:

Issuer rating Ba3/A3.mx, stable outlook

o MXN 200 million loan with Banorte: Ba1/A1.mx

o MXN 200 million loan with BBVA Bancomer: Ba1/A1.mx

o MXN 1.3 billion loan with Banorte: Ba1/A1.mx

o MXN 300 million loan with Banorte: Ba1/A1.mx

o MXN 287.5 million loan with Bansi: Ba1/A1.mx

o MXN 200 million loan with Bansi: Ba1/A1.mx

- Nuevo Leon, state of:

Issuer rating Ba2/A2.mx, negative outlook

o MXN 5 billion loan with Banobras: Baa2/Aa2.mx

o MXN 1.4 billion loan with Banobras: Baa2/Aa2.mx

o MXN 1 billion loan with Banobras: Baa2/Aa2.mx

o MXN 2.4 billion bond issuance: Baa3/Aa2.mx

o MXN 1.5 billion loan with Banco del Bajio: Baa3/Aa3.mx

o MXN 1.6 billion loan with Banobras: Baa3/Aa3.mx

o MXN 8.9 billion loan with Banorte: Baa3/Aa3.mx

o MXN 5 billion loan with Inbursa: Baa3/Aa3.mx

o MXN 3.8 billion loan with Banobras: Baa3/Aa3.mx

o MXN 2.5 billion loan with BBVA Bancomer: Baa3/Aa3.mx

o MXN 1.5 billion loan with Multiva: Baa3/Aa3.mx

o MXN 1.1 billion loan with BBVA Bancomer: Baa3/Aa3.mx

o MXN 750 million loan with HSBC: Baa3/Aa3.mx

o MXN 1 billion loan with Banobras: Baa3/Aa3.mx

o MXN 1.1 billion loan with Interacciones: Baa3/Aa3.mx

o MXN 1.7 billion loan with BBVA Bancomer: Baa3/Aa3.mx

o MXN 360 million loan with Banobras: Ba1/A1.mx

- Oaxaca, state of:

Issuer rating Ba2/A2.mx, stable outlook

o MXN 500 million Municipal Lending Program with Banobras: Baa3/Aa2.mx

- Puebla, state of:

Issuer rating Baa3/Aa3.mx, stable outlook

o MXN 3 billion loan with Interacciones: Baa2/Aa2.mx

o MXN 350 million loan with Interacciones: Baa2/Aa2.mx

o MXN 2.5 billion loan with BBVA Bancomer: Baa2/Aa2.mx

o MXN 1.4 billion Municipal Lending Program with Banobras: Baa1/Aaa.mx

- Queretaro, state of:

Issuer rating Baa1/Aa1.mx, stable outlook

- San Luis Potosi, state of:

Issuer rating Ba3/A3.mx, stable outlook

o MXN 1.5 billion loan with Santander: Ba1/A1.mx

o MXN 2.7 billion loan with Banorte: Ba1/A1.mx

- Sinaloa, state of:

Issuer rating Ba1/A1.mx, stable outlook

o MXN 500 million loan with Banamex: Baa2/Aa2.mx

o MXN 1.3 billion loan with Banorte: Baa2/Aa2.mx

o MXN 339 million loan with BBVA Bancomer: Baa2/Aa2.mx

o MXN 422 million loan with BBVA Bancomer: Baa2/Aa2.mx

- Sonora, state of:

Issuer rating Ba2 /A2.mx , stable outlook

o MXN 4.4 billion loan with Banorte: Baa3/Aa3.mx

- Tabasco, state of:

Issuer rating Ba1/A1.mx, stable outlook

o MXN 3 billion loan with Banorte: Baa2/Aa1.mx

o MXN 449.9 million loan with Santander: Baa2/Aa1.mx

o MXN 1.6 billion loan with Banamex: Baa2/Aa2.mx

o MXN 1 billion loan with Interacciones: Baa2/Aa2.mx

- Tamaulipas, state of:

Issuer rating Ba1/A1.mx, stable outlook

- Tlaxcala, state of:

Issuer rating Baa3/Aa3.mx, stable outlook

- Veracruz, state of:

Issuer rating Ba3/A3.mx, stable outlook

o MXN 1.5 billion loan with Banco del Bajio: Ba1/A1.mx

o MXN 500 million loan with Banamex: Ba1/A1.mx

o MXN 1.2 billion loan with Banobras: Ba1/A1.mx

o MXN 750 million loan with Santander: Ba1/A1.mx

o MXN 5.5 billion loan with Inbursa: Ba1/A1.mx

o MXN 1.3 billion loan with Multiva: Ba1/A1.mx

o MXN 4.5 billion loan with Banorte: Ba2/A2.mx

o MXN 4.6 billion loan with Banobras: Ba2/A2.mx

o MXN 1.5 billion loan with Multiva: Ba2/A2.mx

o MXN 1.5 billion loan with Interacciones: Ba2/A2.mx

- Zacatecas, state of:

Issuer rating Ba3 /A3.mx, stable outlook

o MXN 3 billion loan with Banorte: Ba1/A1.mx

o MXN 750 million loan with BBVA Bancomer: Ba1/A1.mx

o MXN 1.1 billion loan with Banobras: Ba1/A1.mx

Issuer and debt ratings of Mexican municipalities (Global Scale, local currency/Mexico National Scale)

- Acapulco, municipality of:

Issuer rating B3/B1.mx, negative outlook

o MXN 360 million loan with Scotiabank: B1/Baa2.mx

- Acolman, municipality of:

Issuer rating Ba3/A3.mx, stable outlook

- Aguascalientes, municipality of:

Issuer rating Baa2/Aa2.mx, stable outlook

- Benito Juarez (Cancun), municipality of:

Issuer rating B2/Baa3.mx, stable outlook

- Campeche, municipality of:

Issuer rating B2/Baa3.mx, stable outlook

- Chicoloapan de Juarez, municipality of:

Issuer rating Ba3/A3.mx, stable outlook

- Coacalco, municipality of:

Issuer rating Caa1/Caa1.mx, negative outlook

- Coatzacoalcos, municipality of:

Issuer rating Ba2/A2.mx, negative outlook

- Colima, municipality of:

Issuer rating Ba2/A2.mx, negative outlook

- Cuautitlan Izcalli, municipality of:

Issuer rating Ba3/Baa1.mx, stable outlook

o MXN 200 million loan with BBVA Bancomer: Ba2/A2.mx

o MXN 81 million loan with Interacciones: Ba1/A1.mx

- Culiacan, municipality of:

Issuer rating Ba3/Baa1.mx, stable outlook

o MXN 498 million loan with Banorte: Ba1/A1.mx

- Durango, municipality of:

Issuer rating Ba3/A3.mx, stable outlook

- Ecatepec de Morelos, municipality of:

Issuer rating Ba3/A3.mx, stable outlook

o MXN 250 million loan with BBVA Bancomer: Ba1/A1.mx

o MXN 510 million loan with Banobras: Ba1/A1.mx

- Guadalajara, municipality of:

Issuer rating Ba2/A2.mx, negative outlook

- Guasave, municipality of:

Issuer rating Ba3/Baa1.mx, negative outlook

- Ixtapaluca, municipality of:

Issuer rating B1/Baa3.mx, negative outlook

o MXN 120 million loan with Banorte: Ba2/A2.mx

- Jiutepec, municipality of:

Issuer rating B1/Baa1.mx, stable outlook

- Lazaro Cardenas, municipality of:

Issuer rating Ba3/Baa1.mx, stable outlook

- Leon, municipality of:

Issuer rating Baa3/Aa3.mx, stable outlook

- Manzanillo, municipality of:

Issuer rating Ba3/A3.mx, negative outlook

- Matamoros, municipality of:

Issuer rating Ba1/A1.mx, stable outlook

- Merida, municipality of:

Issuer rating Baa3/Aa3.mx, stable outlook

o MXN 150 million loan with Banorte: Baa1/Aa1.mx

- Metepec, municipality of:

Issuer rating Ba1/A1.mx, stable outlook

o MXN 173 million loan with Santander: Baa3/Aa3.mx

- Mexicali, municipality of:

Issuer rating B3/Ba2.mx, negative outlook

o MXN 814.5 million loan with Banobras: B1/Baa3.mx

- Monterrey, municipality of:

Issuer rating Ba2/A2.mx, negative outlook

- Nicolas Romero, municipality of:

Issuer rating B1/Baa2.mx, stable outlook

o MXN 68 million loan with Interacciones: Ba3/Baa1.mx

o MXN 180 million loan with Interacciones: B1/Baa2.mx

- Nogales, municipality of:

Issuer rating B1/Baa2.mx, negative outlook

- Oaxaca de Juarez, municipality of:

Issuer rating Ba3/A3.mx, stable outlook

- Queretaro, municipality of:

Issuer rating Baa1/Aa1.mx, stable outlook

- Ramos Arizpe, municipality of:

Issuer rating B1/Baa2.mx, stable outlook

- Reynosa, municipality of:

Issuer rating Ba2/A2.mx, stable outlook

- San Luis Rio Colorado, municipality of:

Issuer rating Ba2/A2.mx, stable outlook

- San Pedro Garza Garcia, municipality of:

Issuer rating Baa3/Aa3.mx, stable outlook

- Tecamac, municipality of:

Issuer rating Ba3/Baa1.mx, stable outlook

o MXN 160 million loan with Banorte: Ba2/A2.mx

- Tehuacan, municipality of:

Issuer rating Ba2/A2.mx, stable outlook

- Tlalnepantla, municipality of:

Issuer rating Ba2/A2.mx, stable outlook

- Tlaquepaque, municipality of:

Issuer rating Ba2/A2.mx, negative outlook

- Toluca, municipality of:

Issuer rating Ba1/A1.mx, stable outlook

- Tuxpan, municipality of:

Issuer rating B2/Ba2.mx, negative outlook

o MXN 220 million loan with Interacciones: B1/Baa3.mx

- Tuxtla Gutierrez, municipality of:

Issuer rating Ba3/A3.mx, stable outlook

- Uruapan, municipality of:

Issuer rating Ba2/A2.mx, stable outlook

- Valle de Chalco, municipality of:

Issuer rating Ba3/Baa1.mx, stable outlook

- Zapopan, municipality of:

Issuer rating Baa3/Aa3.mx, stable outlook

- Zapotlan el Grande, municipality of:

Issuer rating B2/Baa3.mx, negative outlook

- Zitacuaro, municipality of:

Issuer rating Ba3/A3.mx, stable outlook

Issuer and debt ratings of Mexican Government-Related Issuers (Global Scale, local currency/Mexico National Scale)

- Aguas del Municipio de Durango:

Issuer rating Ba3/A3.mx, stable Outlook

- Benemerita Universidad Autonoma de Puebla:

Issuer rating Baa3/Aa3.mx, stable Outlook

- Comision de Agua Potable y Alcantarillado del Municipio de Acapulco (CAPAMA):

Issuer rating B3/B1.mx, negative outlook

o MXN 148 million loan with Banorte: Baa3/Aa3.mx

- Comision Municipal de Agua Potable y Alcantarillado de la Zona Conurbada de la Desembocadura del Rio Panuco (COMAPA):

Issuer rating Ba2/A2.mx, stable Outlook

- Organismo Publico Descentralizado para la Prestacion de los Servicios de Agua Potable, Alcantarillado y Saneamiento del Municipio de Metepec (OPDAPAS):

Issuer rating Ba1/A1.mx, stable Outlook

- Comision Estatal de Servicios Publicos de Tijuana (CESPT):

Issuer rating Ba2/A2.mx, negative Outlook

o MXN 280 million loan with Banorte: Ba2/A1.mx

- Sistema Intermunicipal para los Servicios de Agua Potable y Alcantarillado (SIAPA):

Issuer rating Ba3/Baa1.mx, stable Outlook

- Sistema Operador de los Servicios de Agua Potable y Alcantarillado de Puebla (SOAPAP):

Issuer rating B2/Ba2.mx, stable outlook

The principal methodologies used in these ratings were Regional and Local Governments published in January 2013, Enhanced Municipal and State Loans in Mexico published on January 2011, Government-Related Issuers: Methodology Update published on July 2010 and Public Universities Outside the US published in August 2007. Please see the Credit Policy page on www.moodys.com.mx for a copy of this methodology.

The period of time covered in the financial information used to determine the state, municipality or government related issuer rating is between 1 January 2008 and 31 December 2012.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information and confidential and proprietary Moody's information.

The rating has been disclosed to the rated entity prior to public dissemination.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

The date of the last Rating Action for Distrito Federal, Mexico was [21/11/2006]

The date of the last Rating Action for Baja California, state of was [17/10/2013]

The date of the last Rating Action for Chihuahua, state of was [05/08/2013]

The date of the last Rating Action for Durango, state of was [20/06/2007]

The date of the last Rating Action for Guanajuato, state of was [02/08/2000]

The date of the last Rating Action for Guerrero, state of was [04/11/2009]

The date of the last Rating Action for Hidalgo, state of was [06/03/2013]

The date of the last Rating Action for Jalisco, state of was [09/07/2013]

The date of the last Rating Action for México, state of was [12/05/2010]

The date of the last Rating Action for Morelos, state of was [19/02/2013]

The date of the last Rating Action for Nayarit, state of was [28/06/2013]

The date of the last Rating Action for Nuevo León, state of was [01/03/2013]

The date of the last Rating Action for Oaxaca, state of was [27/05/2005]

The date of the last Rating Action for Puebla, state of was [08/01/2012]

The date of the last Rating Action for Querétaro, state of was [25/07/2007]

The date of the last Rating Action for San Luis Potosí, state of was [31/01/2011]

The date of the last Rating Action for Sinaloa, state of was [26/04/2013]

The date of the last Rating Action for Sonora, state of was [03/06/2013]

The date of the last Rating Action for Tabasco, state of was [13/05/2011]

The date of the last Rating Action for Tamaulipas, state of was [27/11/2013]

The date of the last Rating Action for Tlaxcala, state of was [26/06/2000]

The date of the last Rating Action for Veracruz, state of was [13/04/2012]

The date of the last Rating Action for Zacatecas, state of was [30/04/2013]

The date of the last Rating Action for Acapulco, municipality of was [15/05/2013]

The date of the last Rating Action for Acolman, municipality of was [25/07/2008]

The date of the last Rating Action for Aguascalientes, municipality of was [09/10/2000]

The date of the last Rating Action for Benito Juárez (Cancún), municipality of was [30/04/2013]

The date of the last Rating Action for Campeche, municipality of was [13/08/2012]

The date of the last Rating Action for Chicoloapan de Juárez, municipality of was [01/11/2007]

The date of the last Rating Action for Coacalco, municipality of was [22/02/2013]

The date of the last Rating Action for Coatzacoalcos, municipality of was [03/06/2013]

The date of the last Rating Action for Colima, municipality of was [05/06/2013]

The date of the last Rating Action for Cuautitlán Izcalli, municipality of was [16/12/2010]

The date of the last Rating Action for Culiacán, municipality of was [17/07/2012]

The date of the last Rating Action for Durango, municipality of was [10/04/2013]

The date of the last Rating Action for Ecatepec de Morelos, municipality of was [28/05/2010]

The date of the last Rating Action for Guadalajara, municipality of was [16/10/2013]

The date of the last Rating Action for Guasave, municipality of was [04/03/2013]

The date of the last Rating Action for Ixtapaluca, municipality of was [21/06/2010]

The date of the last Rating Action for Jiutepec, municipality of was [02/08/2011]

The date of the last Rating Action for Lázaro Cárdenas, municipality of was [15/11/2012]

The date of the last Rating Action for León, municipality of was [01/11/2001]

The date of the last Rating Action for Manzanillo, municipality of was [05/06/2013]

The date of the last Rating Action for Matamoros, municipality of was [17/12/2008]

The date of the last Rating Action for Mérida, municipality of was [16/01/2014]

The date of the last Rating Action for Metepec, municipality of was [22/12/2010]

The date of the last Rating Action for Mexicali, municipality of was [24/10/2013]

The date of the last Rating Action for Monterrey, municipality of was [06/03/2013]

The date of the last Rating Action for Nicolás Romero, municipality of was [13/09/2013]

The date of the last Rating Action for Nogales, municipality of was [22/11/2013]

The date of the last Rating Action for Oaxaca de Juárez, municipality of was [21/08/2001]

The date of the last Rating Action for Querétaro, municipality of was [03/12/2004]

The date of the last Rating Action for Ramos Arizpe, municipality of was [13/09/2010]

The date of the last Rating Action for Reynosa, municipality of was [06/04/2006]

The date of the last Rating Action for San Luis Río Colorado, municipality of was [25/04/2013]

The date of the last Rating Action for San Pedro Garza García, municipality of was [11/09/2002]

The date of the last Rating Action for Tecámac, municipality of was [17/08/2011]

The date of the last Rating Action for Tehuacán, municipality of was [25/10/2011]

The date of the last Rating Action for Tlalnepantla, municipality of was [28/05/2013]

The date of the last Rating Action for Tlaquepaque, municipality of was [12/08/2010]

The date of the last Rating Action for Toluca, municipality of was [16/10/2009]

The date of the last Rating Action for Tuxpan, municipality of was [11/10/2013]

The date of the last Rating Action for Tuxtla Gutiérrez , municipality of was [31/08/2005]

The date of the last Rating Action for Uruapan, municipality of was [20/04/2004]

The date of the last Rating Action for Valle de Chalco, municipality of was [11/02/2009]

The date of the last Rating Action for Zapopan, municipality of was [12/02/2002]

The date of the last Rating Action for Zapotlán el Grande, municipality of was [27/12/2012]

The date of the last Rating Action for Zitácuaro, municipality of was [14/11/2006]

The date of the last Rating Action for Aguas del Municipio de Durango was [15/09/2011]

The date of the last Rating Action for Benemérita Universidad Autónoma de Puebla was [01/09/2011]

The date of the last Rating Action for Comisión de Agua Potable y Alcantarillado del Municipio de Acapulco (CAPAMA) was [15/05/2013]

The date of the last Rating Action for Comisión Municipal de Agua Potable y Alcantarillado de la Zona Conurbada de la Desembocadura del Río Pánuco (COMAPA) was [27/11/2013]

The date of the last Rating Action for Organismo Público Descentralizado para la Prestación de los Servicios de Agua Potable, Alcantarillado y Saneamiento del Municipio de Metepec (OPDAPAS) was [11/01/2012]

The date of the last Rating Action for Comisión Estatal de Servicios Públicos de Tijuana (CESPT) was [22/10/2013]

The date of the last Rating Action for Sistema Intermunicipal para los Servicios de Agua Potable y Alcantarillado (SIAPA) was [10/15/2012]

The date of the last Rating Action for Sistema Operador de los Servicios de Agua Potable y Alcantarillado de Puebla (SOAPAP) was [21/02/2013]

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

This Rating is subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de México S.A. de C.V accepting any liability as a result.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com.mx, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.mx for further information.

Please see www.moodys.com.mx for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Please see the ratings tab on the issuer/entity page on www.moodys.com.mx for additional regulatory disclosures for each credit rating.

Alejandro Olivo
VP - Senior Credit Officer
Sub-Sovereign
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

David M Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Moody's upgrades the debt ratings of Distrito Federal to A3 and affirms the ratings of Mexican states, municipalities, government related issuers and rated debt
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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