PCR Verum ratified the long-term rating of the state of San Luis Potosí of “AA-/M” with a stable outlook.
According to a report sent to the Mexican Stock Exchange, the ratification is due to a good recovery in its own income generation, typical of a strengthening of its control system, which could improve even more in the future due to new collection mechanisms that will favorably influence the income indicators.
Likewise, he added, an adequate level of indebtedness is observed with respect to its available income, despite a possible increase expected during the next twelve months in its direct debt with the aim of making public-productive investments that improve the entity’s physical infrastructure.
“Also, the rating considers the economic dynamism of the region, mainly in the industrial aspect and the adequate financial position that it has maintained during the analysis period. For its part, the rating takes into account the deterioration in the fiscal balance and in the generation of internal savings during the last two years with negative indicators, caused by the health contingency and the adverse economic environment; in addition to high current liabilities, a situation that would be putting pressure on the financial flexibility of the state”, emphasized the rating agency.
The state of San Luis Potosí has a good income base, derived from the economic dynamism in the region, which has translated into a greater number of federal participations (with the exception of 2020) and a robust collection of the Payroll Tax.
Additionally, the inclusion of the ISR return fund for salaries of the personnel of the dependencies and agencies, together with various modifications to its collection laws, has had a positive influence.
In 2021, Tax collection registered an increase of 11.5%, maintaining the upward trend observed in the analysis period and representing 11.5% of Ordinary Tax Revenues (IFOs).