Standard & Poor’s Gives Quintana Roo Its Highest Credit Rating Ever

Chetumal, Quintana Roo — Standard & Poor’s (S&P) has upgraded Quintana Roo’s credit rating to mxAA, the highest in the state’s history, citing structural improvements in public finance management and the state’s leading financial independence among Mexican states, Governor Mara Lezama Espinosa announced.

In its report released April 28, S&P raised the rating from mxAA- to mxAA, placing Quintana Roo as the fourth-highest rated among the 12 states evaluated by the agency. The upgrade reflects a structural shift in fiscal management, including no new debt issuance, tighter control of supplier liabilities, and higher liquidity levels than previous administrations, Lezama said.

S&P also highlighted sustained growth in state revenues, driven by a socially focused tax reform, enhanced auditing, and a favorable economic environment. The agency noted that Quintana Roo now leads all rated states in financial independence, attributing this to efficient public spending, revenue growth, and fiscal autonomy under principles of transparency and anti-corruption.

Additionally, S&P confirmed the mxAAA rating on seven long-term credit lines held by the state, the highest possible rating, indicating strong capacity to meet financial obligations.

The upgraded credit rating is expected to boost Quintana Roo’s attractiveness for domestic and foreign investment by projecting fiscal discipline, stability, and institutional certainty, the governor said.