Mexicali has received an upgrade in its long-term national credit rating, moving from ‘A(mex)’ to ‘A+(mex)’, according to Fitch Ratings.
This upgrade reflects the city government’s high-quality financial management, indicating strong repayment capacity and low credit risk.
According to Fitch’s most recent report, released in October 2025, the outlook for Mexicali’s municipal finances has been revised to stable.
Mayor Norma Bustamante’s administration praised for strong financial performance
Fitch also reported an increase in the rating for legacy loans inherited from previous administrations. The rating on these Banobras loans, totaling MXN 892 million across two credits, was raised from ‘AA+(mex)vra’ to ‘AAA(mex)vra’.
The agency highlighted that granting the highest credit quality to inherited obligations underscores the administration’s careful management, ensuring debt levels did not rise while continuing public investment.
Fitch noted that the stable outlook reflects expectations that Mexicali’s debt metrics will remain in line with projections, supported by the generation of adequate operating balances.
