[0] Fitch Comment, Mexico: Investment Grade.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 22, 2002

Fitch, the international rating agency, today published a comment to discuss the reasons for the upgrade of Mexico to Investment Grade.

The agency currently rates Mexico's long-term foreign and local currency obligations at 'BBB-' and 'BBB' respectively. The Rating Outlook is Stable.

The comment titled 'Mexico: Investment Grade' cites Mexico's strengthened policy framework, continued economic resilience to a tough external environment and fiscal discipline as the main reasons for the upgrade. In addition, the tax package that was passed by Congress was also seen as a net positive for the country as it improves the tax-to-GDP ratio of the country. Steady improvement in the international liquidity position and significant reduction in external debt burden also buttresses Mexico's improving credit fundamentals.

The comment also explores the extent to which Mexico has been able to meet the conditions for the upgrade that were laid down by the agency in November 2001. It concludes that Mexico has been able to meet most of these conditions, although it points out that the tax package was not very robust. As a result, Fitch maintained the local currency rating at 'BBB' as the tax package did not contain a deeper reform that would have reduced the vulnerability of public finances to oil prices.

'Mexico: Investment Grade' is available on Fitch's web site 'www.fitchratings.com' under the Sovereign Comments or by contacting Market Services at 1-800-853-4824.