Overview

• Moody’s Local México raised Baja California’s local issuer rating to A-.mx with a stable outlook.
• The agency credited fiscal reforms and stronger revenue collection since 2020, highlighting the financial discipline led by Finance Secretary Marco Moreno Mexía.
• State officials point to a six-year plan with five axes that produced three straight annual surpluses after earlier deficits.
• Moody’s cited a diversified economy and robust industrial base, with GDP per capita around 130% of the national average and own-source revenue reaching 31% of operating income in 2024.
• The upgrade follows a climb from BBB in 2022 to BBB+ in 2024, restoring solvency metrics last seen in 2018, and Governor Marina del Pilar said the result affirms responsible management and supports investor confidence.