Standard & Poor's Ratings Services: Ratings On Mexico And Mexican Entities Unaffected By Swine Flu Outbreak

NEW YORK April 27, 2009--Standard & Poor's Ratings Services said today that concerns over the reported swine flu outbreak in Mexico do not have an immediate impact on the ratings assigned to the United Mexican States (BBB+/Stable/A-2 foreign-currency and A+/Stable/A-1 local-currency credit ratings) and other corporate and government entities in Mexico.

"Although the World Health Organization declared a public health emergency because of the disease and there are reportedly more than 100 deaths in Mexico potentially related to the disease, at this point, we don't expect that the flu in and of itself will have a direct or immediate impact on the sovereign ratings on Mexico," said Standard & Poor's credit analyst Lisa Schineller. However, depending on the severity and length of the outbreak, it presents potential additional downside risk to an already deep contraction in economic activity this year. Standard & Poor's expects real GDP in Mexico to contract at least 3% in 2009.

Nevertheless, Standard & Poor's credit analyst Eduardo Uribe noted that "we continue to follow the situation closely, and as more information is available, we will incorporate the potential impact as appropriate on a case-by-case basis."

Media Contact:

David Wargin, New York, (1) 212-438-1579
david_wargin@standardandpoors.com

Analyst Contact:

Lisa M Schineller, New York (1) 212-438-7352