Credit rating agency Fitch Ratings increased the Municipal Administration of Tijuana's credit rating to AA+ and modified its perspective from stable to positive. This has been achieved thanks to good resource management and healthy finances in the municipality led by mayor Montserrat Caballero Ramírez, after the historic debt payment that took place during her administration.

This prestigious credit rating agency revealed this increase "based on the strengthening of the municipality's liquidity position, reflecting high levels of cash with no restrictions," according to the report.

Prior to this evaluation, Fitch Ratings had given the municipality a rating of AA (mex) and it is now at AA+ (mex), i.e., the second highest long-term rating given by this company.

This agency's assessment also considered the payment of public debt, carried out in early 2024 by mayor Montserrat Caballero Ramírez who paid off a debt of more than 2 billion pesos inherited by previous administrations.

"To date, Tijuana has no short- or long-term bank debt and shows no intention of getting one," the agency stated, considering this action positive as it shows there exists a "solid improvement in Tijuana's liquidity."

Another factor that contributed to Tijuana's credit rating increase is a 12% increase on its own income compared to 2022. It was underscored that the yearly average growth rate from 2019 to 2023 was 6.8%, which represents a growth higher than the dynamism of the national gross domestic product (GDP).

As such "the municipality estimates that this favorable income performance will continue until the close of 2024".

With these results, backed by international agencies such as Fitch Ratings, the 24th Municipal Administration of Tijuana reiterates its commitment with the efficient, healthy, and transparent use of resources, allocating them to projects and services of the greatest need, without jeopardizing the city's finances.

RELATED VIDEO: Community Improvement "Transforma" Plan will invest more than 1,6 billion pesos in Tijuana