Moody's Boosts Quintana Roo's Credit Rating, Citing Stronger Public Finances

The Mexican state of Quintana Roo has received a significant boost to its financial standing, with Moody's Local Mexico upgrading its long-term credit rating from A+.mx to AA-.mx. The agency also revised its outlook from positive to stable, acknowledging a consistent strengthening of the state's financial profile over the last three years.

Moody's report highlights that the upgrade is primarily due to Quintana Roo's robust public finances. This improvement is attributed to an increase in own-source revenue, the generation of financial surpluses since 2023, enhanced liquidity, and the cessation of relying on short-term financing. The agency noted that in 2025, Quintana Roo's own-source revenue constituted 39.5% of its operating income, the highest among entities rated by Moody's. The state also maintained positive operating balances and effective expenditure control.

Further strengthening Quintana Roo's credit profile, Moody's pointed out the state's moderate and declining debt levels, along with the absence of significant pension-related contingencies. However, the rating agency cautioned that the state's economy remains heavily reliant on the tourism sector. This dependence makes Quintana Roo particularly susceptible to external shocks that could impact visitor numbers and overall economic activity.

The revised stable outlook reflects Moody's expectation that Quintana Roo will sustain financial indicators consistent with its new rating, supported by ongoing solid operating balances, financial surpluses, and adequate liquidity. Governor Mara Lezama welcomed the evaluation, stating it marks the end of the annual review cycle with favorable assessments from all major rating agencies. She emphasized that the upgrade validates her administration's strategy for strengthening public finances and boosts investor confidence in the state's financial stability.