The News
Friday 19 of July 2024

Mexico Recognized for Economic Stability

Mexico earns a BBB+ grade from Fitch Ratings, excelling despite a bleak international financial environment

The Secretary of the Treasury Luis Videgaray Caso, lauded the fact that an international organization confirmed the economic stability of the country, despite an adverse international environment.

In an interview that took place at the end of a private meeting with the coordinators of the eight parlimentary groups in the Chamber of Deputies, Luis Videgaray indicated that we definitely have a growing economy, one that is generating jobs and with a historic low rate of inflation.

He said that this without a doubt is a good sign that inspires confidence in the solidity of the Mexican economy.

“Without a doubt this is good news, it’s good news that an international organization confirms the credit qualification of our country. What that says, is a vote of confidence in our national public finances and economy, at the same time that other nations are experiencing a lowering of their qualification or negative observations. Today without a doubt it is good news that should inspire confidence in the national economy, the fact that this qualification is confirmed and the solidity of our national public finances is confirmed.”

Videgaray said that the data collection that generated the finance reform is part of the stability that we have today in this country.

He said that the petroleum revenues that in 2012 represented almost 40 percent of the total revenues, were reduced thank to the financial reform.

During the meeting the opposing deputies proposed to the Secretary of the Treasury to reduce the collection of the Rent Tax. Nonetheless the secretary told them that it wasn’t the moment to lower taxes, or reduce revenue funds to the federal government.

The official of the Treasury is bound to meet with the federal officers every time they convene.

The organization Fitch Ratings confirmed on Friday the qualification of the sovereign debt of Mexico is at a BBB+ rating, and it reiterated that it’s perspective of the rating is stable, supported by the economic diversification of the country and through economic politics that generate stability.