ori@hacienda.gob.mx

Victor Hugo Vázquez Cortés, General Director

Ana Mercedes Martínez Aguirre, Director

+52 (55) 36 88 2618 | +52 (55) 36 88 2679

1971 Insurgentes Sur Av. (Plaza Inn), 3rd Tower, Floor 10, Guadalupe Inn, 01020, Mexico City.

• Long-Term Foreign Currency
• Long-Term Local Currency

	Rating	Outlook	Latest revision	Rating Agency Report	SHCP Press Release
	Baa2	Negative	November-14-2024	PDF	PDF
	BBB	Stable	February-01-2024	PDF	PDF
	BBB-	Stable	July-18-2024	PDF	PDF
	BBB+	Stable	April-30-2024	PDF	PDF
	A-	Stable	May-29-2024	PDF	PDF
	BBB	Stable	May-07-2024	PDF	PDF
	BBB	Stable	May-03-2024	PDF	PDF
	BBB+	Stable	April-18-2024	PDF	PDF

		Rating	Outlook	Latest revision	Rating Agency Report
		Baa2	Negative	November-14-2024	PDF
		BBB+	Stable	February-01-2024	PDF
		BBB-	Stable	July-18-2024	PDF
		BBB+	Stable	April-30-2024	PDF
		BBB	Stable	May-07-2024	PDF
		BBB	Stable	May-03-2024	PDF
		A+	Stable	May-29-2024	PDF

The Environmental, Social and Governance (ESG) considerations are a set of parameters that define investments with positive social impact, combined with competitive long-term financial returns.

ESG considerations are composed of the following factors:

Moody’s rating agency recently incorporated the ESG factors on Mexico's sovereign rating (Baa1). Each component scores from 5 to 1, considering 1 as a positive impact and 5 as a high negative impact.

Mexico's ESG Credit Impact Score (CIS) is moderately negative (CIS-3). This reflects the country's moderate exposure to environmental risks, balanced by higher governance and social risks without prejudice to the soundness of its macroeconomic framework. Other countries with a similar score are Chile, Paraguay, Panama, Italy, Portugal and Thailand.

• Environmental: Mexico is exposed to risk of carbon transition in the medium and long term. Nevertheless, the size and diversity of the economy help mitigate the impact of the country's exposure to physical climate risk. Mexico's score: E-3 Moderately Negative, equal to the Netherlands (Aaa) and Chile (A1).

• Social: Mexico faces moderate challenges in the provision and quality of basic services, and risks related to the aging of the population. Mexico's score: S-3 Moderately Negative, equal to the United States (Aaa), Hong Kong (Aa3) and Spain (Baa1).

• Governance: The government of Mexico maintains a strong track record of effective fiscal and monetary policymaking, as well as the strength of key institutions that support macroeconomic stability. Mexico score: G-3 Moderately Negative, equal to Russia (Baa3) and Costa Rica (B2).

Fitch Ratings agency only considers the Governance criteria in the sovereign methodology as highly relevant for the credit rating of Mexico. ESG scores range from 3-5, where 3 is neutral and 5 is the most relevant.

• Political Stability and Rights: reflects a recent history of peaceful political transitions and a moderate level of rights to participate in the political process. Mexico score: ESG-5, same as the United States (AAA) and Canada (AA +).

• Rule of Law, Institutional & Regulatory Quality and Control of Corruption: moderate institutional capacity, an established rule of law and a moderate level of corruption. Mexico score: ESG-5, same as the United States (AAA) and Canada (AA +).

• Human rights and Political Freedoms: Freedom of expression and accountability are a relevant factor for the sovereign rating. Mexico score: ESG-4, same as the United States (AAA) and Canada (AA +).

• Creditor Rights : The willingness to service and repay debt is relevant to the rating. Mexico score: ESG-4, same as the United States (AAA) and Canada (AA +).

Through cetesdirecto® you can invest directly in government securities without the intermediation of the bank, brokerage house or other institutions. It is very simple and you can invest since 100 pesos.

Advantage

• Does not charge any commission.
• You can have your money whenever you want and without penalty.
• You can start saving from $ 100 pesos and there’s no need to maintain a minimum balance.
• You can open and operate your account in a few minutes, from the internet.
• No financial intermediaries.
• Your money keeps its value and you can have it whenever you decide.
• Risk-free investment.
• Support from the Government of Mexico.

Requirements

• Being 18 years or older.
• Being a Mexican resident.
• Having a bank account.

Recent operations in the international market

Debt Strategy Objectives for 2021

• To cover the financing needs of the Federal Government at an adequate cost and risk level, given the characteristics of the country's public finances and the prevailing market conditions.
• To improve the debt maturity profile as well as to reduce its cost and risk characteristics.
• To carry out a comprehensive management of the risks of the public debt portfolio.
• To promote the participation of the capital markets in instruments aligned to the ESG criteria (Environmental, Social and Governance).

The Quarterly Reports include an update on the situation of the Mexican economy, the main financial and public debt results in the corresponding period.

The Monthly Reports include the main public finance and public debt results.

The Preliminary General Economic Policy Guidelines is the document in which the dialogue with the Congress of the Union about the budget process for the following fiscal year begins. The document includes the economic and public finance perspectives for the end of the current fiscal year and the following one. It also includes the estimation of the main macroeconomic variables, the priority programs and their respective desirable amounts. The Federal Executive, through the SHCP, delivers the document to the Congress of the Union no later than April 1st of every year.

The General Economic Policy Guidelines is one of the documents that make up the Economic Package for each fiscal year (together with the Income Law initiative, the Expenditure Budget Project and the Fiscal Miscellaneous). It includes an update of the international and national economic situation, the estimation of the main macroeconomic variables. These are used to formulate the estimates of public finances for the current and the following fiscal year, to establish the direction of the economic policy as well as to make medium-term projections. The Federal Executive Branch delivers the Economic Package to the Congress of the Union no later than September 8th of every year.

The Annual Borrowing Plan contains the elements of the public debt policy of the Federal Government as well as of the public entities who are recurring debt issuers.

Government Securities Holdings by Sector

% of the total

Foreign Holdings by Federal Government Domestic Securities

MXN Billion

Holdings of External Debt

Maturity Profiles

Domestic Debt by Instrument

Maturity Profiles

Historical Balance of the Public Sector Borrowing Requirements

Public Sector Borrowing Requirements

After committing to the 2030 Agenda, Mexico has shown a clear commitment to advance towards the United Nations Sustainable Development Goals (SDGs). The necessary institutional architecture has been developed through the creation of the National Council for the 2030 Agenda and the Specialized Technical Committee on Sustainable Development Goals. In addition, the Ministry of Finance has been incorporating a sustainability approach to the budget process by linking resources to reducing national lags in the different SDGs.

The commitment of the Ministry of Finance with sustainability has led to the development of the Framework of Reference for Sovereign Bonds consistent with the SDGs, which seeks to promote sustainable financing and respond to the growing demand of investors for instruments with social and environmental impact.

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