Fitch Ratings reaffirms the positive credit rating of the state of Yucatan

(PHOTO: alamy.com)

As a result of the correct allocation of resources, as well as the efficient financial policies promoted by Governor Mauricio Vila Dosal, Fitch Ratings ratified an A+(MEX) rating with a Stable Outlook for Yucatan’s finances, which contributes to generating certainty for the investment that creates jobs in our state.

In this analysis, the rating agency incorporated the financing recently approved by the State Congress for the IE-Tram project, the first electric route in the entire south and southeast of the country, and complementary works, which demonstrates the financial credit confidence and solidity of Yucatan

As a result of the collective efforts and greater control of the expense, the state also reflects improvements in the liquidity metrics and a rebound in the operating margin of almost six points.

Along with this, the State Government spending has been focused on fundamental activities for labor, education, and economic reactivation.

The rating agency pointed out that the reactivation of economic activities was favorable for the collection of the State. Since the first quarter of 2021, a positive trend was observed that continued towards the end of the year, obtaining a collection of own income that was 22.5% higher than estimated.

Fitch Ratings indicated that an increase in the collection of taxes and fees related to lodging, casinos, and archaeological zones were observed when activities resumed after a suspension. At the end of 2021, taxes represented 7.6% of total income and 6.7% on average for the last three years. The growth of this item reached 34.9% influenced mostly by the increase in payroll taxes.

The agency recognized that the state obtained a cumulative number of tourists of 1,361,957, which represented a growth of 74% compared to 2020.

The Yucatan Times
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