Fitch Upgrades San Miguel de Allende Rating to ‘AA-(mex)’

Published June 4, 2022

Fitch Ratings raised the long-term rating on a national scale of the municipality of San Miguel de Allende, Guanajuato, to ‘AA-(mex)’ from ‘A+(mex)’. The Outlook remains Stable.

The increase in the rating reflects an improvement in the operating margin, as a result of a greater generation of income and a control of expense that allow it to maintain its liquidity position strengthened. This results in San Miguel de Allende presenting favorable debt metrics as a result of negative adjusted net debt in the rating scenario, which implies an improvement in debt sustainability to a score of ‘aaa’ from ‘aa’.

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