Moody’s Upgrades Quintana Roo Credit Rating to AA-.mx on Strong Revenue, Fiscal Discipline

Chetumal, Quintana Roo — Moody’s Local Mexico has raised Quintana Roo’s credit rating from A+.mx to AA-.mx and shifted its outlook from Positive to Stable, citing the state’s stronger financial profile over the past three fiscal years.

Governor announces upgrade

Governor Mara Lezama Espinosa announced the upgrade, saying it concludes a round of reviews by major credit agencies, all of which ended with improved assessments for the state.

Quintana Roo now holds ratings of mxAA from Standard & Poor’s, A+(mex) from Fitch Ratings, HR AA- from HR Ratings and AA-.mx from Moody’s Local Mexico, Lezama said.

She attributed the result to an overhaul of public finances aimed at generating “wellbeing and shared prosperity” for residents.

Fiscal discipline

Finance Secretary Martha Parroquín Pérez said the rating reflects a responsible financial policy based on stronger local revenue collection, spending discipline, budget balance and improved liquidity, without short-term borrowing.

Moody’s said Quintana Roo posted the highest level of own-source revenue among all states it evaluates, with such income accounting for 39.5% of operating revenue at the end of 2025.

The agency also noted the state has recorded continuous financial surpluses since 2023, strengthening its liquidity and eliminating short-term debt entirely.

The improved fiscal position has allowed the state to reduce the share of spending devoted to debt service while increasing investment in social programs, health, education, security and infrastructure, officials said.

With the upgrade, Quintana Roo moves into the “AA” range for the first time, one of the highest levels awarded by credit agencies. The government said the rating boosts confidence among domestic and international investors.