Fitch Ratings upgraded Quintana Roo from BBB+(mex) to A(mex), citing strong tourism growth, infrastructure projects, and improved local revenues in its evaluation of Quintana Roo finances.
Fitch Ratings has upgraded Quintana Roo’s long-term national scale credit rating from “BBB+(mex)” to “A(mex)”, citing the state’s exceptional financial management and robust economic outlook. The upgrade reflects confidence in Quintana Roo’s ability to generate sufficient revenues, maintain low debt levels, and preserve liquidity amid ongoing investments in key sectors.
The international agency pointed to tourism as a primary growth driver, alongside major infrastructure projects such as the Tren Maya rail network and the new Tulum International Airport. Strong local revenue collection has further bolstered the state’s fiscal position, enhancing its capacity to fund public services and development initiatives without overreliance on borrowing.
Governor Mara Lezama attributed the healthy finances to a focus on transparency, anti-corruption efforts, and efficient public spending. “Our goal has been to ensure shared prosperity reaches every corner of Quintana Roo, especially those who need it most,” Lezama said, highlighting the administration’s commitment to fiscal discipline and social equity.
In 2023, Quintana Roo reported a primary surplus equivalent to 8.9% of its available revenues, driven by a 22.6% increase in own-source revenues and tight control over operating expenses. These measures have allowed the state to reinvest in public infrastructure while maintaining a stable budget, even as it expands services to accommodate rising tourist demand.
Long-term debt fell by 3.23 billion pesos in 2023, thanks to early repayment of financing that included the settlement of a restructured loan and the early payoff of an 800-million-peso short-term credit. This reduction has lowered financing costs and improved debt sustainability, leaving more room in the budget for strategic investments.
Quintana Roo also slashed short-term liabilities, cutting payments owed to suppliers from 20.1% of revenues in 2022 to 11.2% in 2023. Timely supplier payments have strengthened the state’s credibility with contractors and supported local businesses, reinforcing a healthy economic cycle.
Looking ahead, Fitch expects Quintana Roo to sustain primary surpluses averaging 6.4% of available revenues between 2024 and 2027, with direct debt-to-revenue ratios declining to roughly 46.5% over the same period. Earlier this year, Standard & Poor’s highlighted a similar trajectory, granting Quintana Roo its largest credit rating increase on record in January for marked improvements in budgetary performance.
