Baja California has received simultaneous credit rating upgrades from two major international agencies, Moody’s and Fitch Ratings, signaling growing confidence in the state’s financial management.
Moody’s elevated the state’s rating to A- with a stable outlook, while Fitch raised its rating to A- with a positive outlook, underscoring a period of fiscal stability and disciplined public spending.
Governor Marina del Pilar Ávila Olmeda welcomed the announcements during her morning press conference, describing them as the result of her administration’s “humanistic budget strategy,” which prioritizes directing resources to the most vulnerable.
“The confidence of these rating agencies demonstrates that Baja California is governed with honesty and responsibility. This means our resources are now translating into public investment that has a direct impact on people’s lives,” she said.
She also highlighted how stronger creditworthiness has already translated into historic public investment, including new hospitals, major water infrastructure projects, mobility improvements, and a measurable reduction in poverty levels. “For the first time, Baja California is no longer defined by its debt, but by its capacity to invest,” she added.
The turnaround has been led by the state’s Ministry of Finance, directed by Marco Moreno Mexía, who explained that the government overcame an inherited liquidity crisis, reversed a structural deficit, and doubled the state’s financial autonomy from 10% to 20%. This reduced dependence on federal transfers and freed up capital for strategic projects.
The practical benefits of the upgrades are substantial: Baja California will now enjoy better financing conditions, including lower interest rates and reduced debt servicing costs, which will further expand its ability to fund infrastructure and public services.
The state also anticipates a potential third upgrade in the coming weeks, as HR Ratings prepares its own evaluation. Officials stressed that continued transparency and responsible use of public resources remain the cornerstone of Baja California’s fiscal policy.
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