**Tijuana Boosts Credit Rating After Significant Debt Repayment: City Treasurer**
Tijuana, September 11, 2024 – The Treasurer of Tijuana’s XXIV City Council, Luis Miguel Ramírez Flores, announced before the council that the city has significantly improved its credit rating due to the repayment of a substantial city debt amounting to 2.29 billion pesos.
“High credit ratings are in response to our well-known debt repayment efforts. This helped us elevate our rating significantly compared to the state of Baja California and our sister city of Mexicali, reaching a rating well above our two benchmarks,” stated Ramírez Flores during the Treasury’s presentation on Tuesday, August 10th.
He explained that the rating agencies conducting the review are Fitch Ratings and Standard & Poor’s. Initially, Tijuana had a stable AA- rating in 2022, which was raised to AA Positive in 2023. This year, after settling the historic debt, the city’s rating has been upgraded to AA+ Stable.
On January 22 of this year, Mayor Montserrat Caballero Ramírez’s administration cleared debts acquired with BBVA of 1.6 billion pesos, Banorte of 750 million pesos, and the 260 million pesos owed to Banobras, which has also supposedly been fully paid off, though the exact date was not mentioned.
It is worth noting that the 2.29 billion peso debt accumulated over 23 years under panista governments. The initial debt was incurred by former Mayor Jesús González with 350 million pesos, and later significantly increased by Jorge Ramos Hernández to 1.5 billion pesos.
**Additional News: Economic Outlook Improves for Tijuana Post Debt Settlement**
The recent substantial repayment of Tijuana’s debt not only improved its credit rating but also positively impacted the city’s economic outlook. Analysts from Fitch Ratings and Standard & Poor’s highlight that the city’s reduced debt burdens enhance its abilities to invest in local infrastructure, stimulate economic development, and better allocate resources to critical public services.
Several sectors in Tijuana, including real estate, manufacturing, and tourism, are expected to benefit from the city’s strengthened financial stability. The improved credit rating offers potential investors and businesses greater confidence in the city’s economic environment, likely attracting new projects and boosting job creation.
Mayor Montserrat Caballero Ramírez stated, “This achievement reflects our commitment to fiscal responsibility and economic growth. We are now better positioned to pursue sustainable development and enrich the quality of life for our residents.”
Moving forward, the city council plans to maintain strict financial discipline to ensure that Tijuana continues on a path of economic resilience and prosperity.