Home Business-newBusiness Moody’s recognizes Yucatán’s good financial discipline in the midst of the COVID-19 crisis

Moody’s recognizes Yucatán’s good financial discipline in the midst of the COVID-19 crisis

by Yucatan Times
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Moody’s, one of the largest credit rating companies internationally, recognized the corporate governance and management of Yucatán for its solid and healthy finances during 2020.

The international agency Moody’s reaffirmed the relevance of the financial discipline policies implemented by Governor Mauricio Vila Dosal during 2020, considered the most difficult year in the modern history of Yucatán after the state obtained a Ba1 (A +) credit rating, which means that they have solid and healthy finances in Yucatan.

In its evaluation, the international agency pointed out that the current administration carried out efficient management of state finances that allowed the implementation of measures and actions to address last year the difficulties that the coronavirus pandemic brought with it, such as the health crisis, the slowdown economic, as well as the three tropical storms and two hurricanes that hit the state.

Among the measures implemented during that year is the State Plan to Promote the Economy, Jobs, and Health of the Yucatecans, as well as the habilitation of the Temporary Hospitals of the Yucatán Siglo XXI Convention Center and Valladolid, in addition to other schemes to protect the economy of the population.

In addition to extraordinary expenses to attend the pandemic, it caused a lower collection and impacted the rating outlook. At the same time, the effort to contain operating expenses in 2020 was recognized by Moody’s since, in their opinion, Yucatán has sufficient resilience to finalize budget plans and maintain healthy finances despite the impact of the health contingency.

The rating granted by Moody’s to the efforts made in 2020 allows Yucatán to demonstrate the solidity of its finances, caused by programs such as austerity, promoted in the current state administration.

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