Fitch Assigns AA+ Credit Rating to Cozumel’s Banobras Debt

Cozumel, Quintana Roo — Fitch Ratings has assigned an AA+ credit rating to the municipality of Cozumel on the bank financing it contracted with Banobras, Mexico’s state-run public works bank, in 2018 under previous administrations.

The agency said the rating reflects the strength of several financial factors tied to the municipal loan. The announcement was made by the municipal government, which said the score recognizes the handling of the debt.

Mayor José Luis Chacón Méndez said the AA+ grade sits one notch below the highest rating a government can receive. In his view, it reflects an administration that is responsible, transparent and efficient, one that has kept municipal finances healthy without taking on new loans and has committed to avoiding further debt.

Chacón Méndez said every peso collected is managed honestly and responsibly, arguing that public money must return to residents through public works, services and programs that improve the quality of life of Cozumel families.

He thanked local taxpayers, whose compliance he described as essential to keeping municipal finances in order, and said the result came from joint work between a government committed to honesty and residents who contribute to the island’s development.

A stronger credit rating bolsters confidence in Cozumel and helps encourage investment, the mayor added, saying his government will continue to prioritize the needs of the population.

“We are from the people and we work for the people 24/7,” Chacón Méndez said, pledging to keep governing with transparency and responsibility and to stay close to residents.