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DUFF & PHELPS RATES PROPOSED UNITED MEXICAN STATES' YEN-DENOMINATED ISSUE INVESTMENT GRADE

 CHICAGO, May 19 /PRNewswire/ -- Duff & Phelps Credit Rating Co., the rating agency based here, has assigned a preliminary rating of 'BBB' (triple-B) to a proposed offering of yen-denominated debt, which could be issued by the United Mexican States as soon as next month. This is Mexico's first investment grade rating on a foreign currency issue.
 This is the first time since 1978 that Mexico has offered a yen-denominated issue, which is planned at roughly Y10 billion -- approximately U.S.$85 million. The lead underwriter has yet to be announced.
 "A significant factor underlying this investment-grade rating is the relatively short maturity of the issue," said Daniel J. Donoghue, Duff & Phelps' senior vice president. It will mature within three years.
 "While Mexico's overall economic, fiscal and political environment warrants an investment-grade rating, the short maturity was required to offset the risk inherent in the fact that the country's debt restructuring took place only four years ago."
 The triple-B rating is further justified, according to Mr. Donoghue, by the fact that the bond will mature at the very early stages of Mexico's next administration.
 "We believe that the succeeding government, which comes to power in 1994, will maintain similar policies to its predecessor, in terms of reforming Mexico's economy and pursuing the very necessary goal of longer term stability," Mr. Donoghue said.
 A more detailed report on this new foreign-currency rating is available from Duff & Phelps by calling Linda Peart at (312) 368-3114.
 -0- 5/19/93
 /CONTACT: Daniel J. Donoghue, CFA, CPA, of Duff & Phelps Credit Rating Co., 312-368-3112, or Roberto Guerra of Duff and Phelps de Mexico, (52-83) 35-71-79/


CO: United Mexican States ST: IN: SU: RTG

PS -- NY032 -- 0205 05/19/93 10:32 EDT
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Publication:PR Newswire
Date:May 19, 1993
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