Chetumal, Quintana Roo — International credit rating agency HR Ratings has upgraded Quintana Roo’s credit rating to HR AA- from HR A+, marking the highest rating the state has ever received from the agency since it began evaluations in 2012. The outlook was revised from Positive to Stable.
Governor Mara Lezama Espinosa announced the upgrade Wednesday, calling it evidence that the state’s “New Agreement for the Well-being and Development of Quintana Roo” is delivering results through efficient, transparent management of public funds.
Finance Secretary Martha Parroquín Pérez attributed the improvement to fiscal discipline, stronger local tax collection, and responsible spending without taking on additional debt, while maintaining strong liquidity.
HR Ratings highlighted that the state’s discretionary revenues grew 10.3% in 2025, driven by better collection efficiency. The agency noted that funds have been directed to priority sectors including health, education, tourism and public safety, reflecting a balance between financial responsibility and social investment.
Since the current administration took office, Quintana Roo has climbed six rating levels from BBB- to AA-, one of the largest jumps among Mexican states, leaving it just three levels short of the agency’s top rating.
