The Baja California administration, led by Governor Marina del Pilar Ávila Olmeda, has been awarded an A- credit rating with a stable outlook by Moody’s Local México, a leading global agency. The rating reflects strong confidence in the state’s financial management and its current economic stability.
Governor Marina del Pilar celebrated the milestone, noting that it demonstrates the responsible use of public resources, an approach that will allow for greater investment in infrastructure and expanded social programs for those most in need.
The stable outlook confirms the fiscal strategy spearheaded by the Department of Finance, under Marco Moreno Mexía, which emphasizes discipline, strategic investment, and long-term planning. This strengthens Baja California’s standing as a reliable partner for financial institutions and investors, while reducing exposure to economic risks.
Stable Finances
The administration’s transparent and responsible financial practices have been recognized by both national and international agencies.
Before 2021, Baja California’s unsecured debt rating had faced a seven-year decline, signaling weakened finances, limited investor confidence, and higher public debt costs.
Upon taking office, Governor Marina del Pilar’s administration introduced a Six-Year Financial Plan based on five key pillars: raising revenue, controlling spending, expanding infrastructure, broadening social programs, and investing in technology. This framework has produced three consecutive years of budget surpluses, reversing the deficits of prior administrations.
The steady recovery is reflected in the state’s credit ratings:
- 2022: Rating stabilized at BBB, outlook revised from negative to stable.
- 2023: Improved to BBB with a positive outlook.
- 2024: Raised to BBB+ with a stable outlook.
- 2025: Achieved A- with a stable outlook, restoring solvency levels last seen in 2018.
A Solid Economy
Moody’s also highlighted Baja California’s diversified industrial base and strong economic performance. The state’s GDP per capita is 130% of the national average, with balanced contributions from primary, secondary, and tertiary sectors.
“Thanks to this economic foundation, in 2024 the state’s own-source revenue reached 31% of its operational income, above the national median,” the agency reported.
Moody’s credited government policy actions for this outcome, noting: “This performance is due to fiscal reforms and revenue measures that have structurally strengthened state finances since 2020.”
RELATED VIDEO: Governor Marina del Pilar Celebrates Baja Californian Medalists
