Jalisco achieves triple AAA credit ratings

Jalisco has become the first and only state in Mexico to achieve triple 'AAA' credit ratings from three different agencies: Fitch Ratings, PCR Verum, and HR Ratings. The milestone follows HR Ratings upgrading the state's status from 'HR AA+' to 'HR AAA' with a stable outlook.

Financial indicators cited by HR Ratings show that Jalisco's Adjusted Net Debt represented 25 percent of its Free Disposable Income at the end of 2025, a decrease from 29.7 percent in 2024. The state also recorded a primary surplus of 1.3 percent of total income during 2025, with a surplus projected to average 0.7 percent between 2026 and 2029.

Governor Pablo Lemus Navarro attributed these results to economic dynamism, improved liquidity, and strategic tax collection and auditing measures. He noted that the state has not relied on short-term debt since 2021, and that maintaining a healthy financial profile will allow for increased investment in infrastructure and public services.