Mexico State Gets MXP500m Loan

The state of Mexico has signed a MXP500m 15-year loan with Banorte. The loan is a direct obligation of the state payable through the trust to which the state of Mexico has pledged the rights to 100% of its federal participation revenues and to 25% of its revenues a government fund to support state governments. Moody’s rates the facility Baa3. Banorte declines to disclose the spread over TIIE.