Oaxaca State Achieves Baa2 Rating

Moody’s has assigned a Baa2 rating to a MXP250m ($20m) enhanced loan the State of Oaxaca obtained from Scotiabank. The ratings reflect the creditworthiness of the state. The loan is denominated in MXP, with maturity of 10 years and a grace period of 12 months for principal payments. The loan will pay an interest rate composed of the 28-day Mexican interbank rate, plus a spread.