AAA Rating for Banobras Bond Issuances
Moody’s Local México, Fitch Ratings, and S&P National Ratings assigned an AAA rating to the long-term bond issuances of the National Works and Public Services Bank (Banobras).
HR Ratings: Mexico’s credit rating at BBB+, stable outlook
The rating agency HR Ratings reaffirmed Mexico’s long-term foreign currency sovereign debt rating at BBB+, three notches above the minimum investment-grade threshold.
The outlook changed from negative to stable as a result of improvements in key fiscal metrics.
With this announcement, Mexico maintains its investment-grade status with all eight rating agencies that assess its debt.
Source: Ministry of Finance and Public Credit (SHCP)
Construction of the Tunal II Dam begins
The Government of Mexico, through the National Water Commission (Conagua), has officially launched the construction of the Tunal II Dam — a strategic project that will supply 1,500 liters per second of drinking water from the Tunal River to 340,000 residents of the city of Durango, ensuring water availability for the next 50 years.
Sources: Presidency of the Republic / Conagua
Mexico–Toluca Train to Begin Operations in January 2026
President Claudia Sheinbaum Pardo announced that by the end of January 2026, the “El Insurgente” Mexico–Toluca Train will be available for service, running from Toluca, State of Mexico, to Observatorio in Mexico City. The project, which has completed its civil and electromechanical works, will reduce travel time from two and a half hours to just 40 minutes and will enter its three-month testing phase.
Source: Presidency of the Republic
Progress in Passenger Train Projects
The General Director of the Railway Transport Regulatory Agency, Andrés Lajous Loaeza, presented a report on the current status of the passenger train project:
Construction progress:
- Mexico–Pachuca
- Mexico–Querétaro
- Querétaro–Irapuato
- Saltillo–Nuevo Laredo
Technical studies initiated:
- Irapuato–Guadalajara
- Querétaro–San Luis Potosí
- San Luis Potosí–Saltillo
- Mazatlán–Los Mochis
Source: Presidency of the Republic
Ministry of Energy invites private sector to invest
During the Informative Session of the Call for the Priority Attention of Electric Power Generation Permit Applications, the Secretary of Energy, Luz Elena González Escobar, highlighted that this is an innovative and unique process that represents a radical change in the way permits are granted by the energy sector.
Source: Ministry of Energy (SENER)
SENER: Electric Sector Development Plan
Considered a key document for the development and modernization of the Electric Sector infrastructure with a 15-year outlook, the Ministry of Energy (SENER) published in the Official Gazette of the Federation the Electric Sector Development Plan, which serves as one of the guiding documents of the national energy policy. It establishes the framework for planning within the Energy Sector over the short, medium, and long term.
Source: Official Gazette of the Federation
The Mexico Plan and its objectives are presented to members of the World Economic Forum.
President Claudia Sheinbaum Pardo presented the Mexico Plan and its objectives to businesswomen and businessmen from 17 member countries of the World Economic Forum: strengthening the domestic market and wages, boosting both public and private investment, increasing food and energy sovereignty, and expanding national production by reducing imports from countries with which Mexico has no trade agreement.
Source: Office of the Presidency
Government of Mexico Publishes Regulations of Secondary Energy Laws
On Friday, October 3, the regulations of six secondary laws were published, strengthening the regulatory framework of the energy sector.
The publication of these regulatory documents in the Official Gazette of the Federation (DOF) governs activities and will enable the proper implementation of the country’s new energy model, laying the foundation for building a stronger, more sustainable sector aligned with the needs of the people of Mexico:
Regulation of the Hydrocarbons Sector Law
Regulation of the Geothermal Energy Law
Regulation of the Electric Sector Law
Regulation of the Biofuels Law
Regulation of the Energy Planning and Transition Law
Regulation of the Hydrocarbon Revenue Law
Source: Ministry of Energy / DOF
Fitch upgrades Pemex rating to BB+
Fitch Ratings upgraded Petróleos Mexicanos’ (Pemex) long-term local and foreign currency issuer default ratings (IDRs) from ‘BB’ to ‘BB+’. The rating outlook is Stable.
The upgrade follows Pemex’s successful execution of a USD 9.9 billion public tender offer across eight bond series, financed with funds provided by the Mexican government.
Source: Fitch Ratings
