7/31/2019 Moodys Tenencia Represent A ad Desperdiciada

1/4

Rating Action: Moody's: tenencia representa oportunidaddesperdiciada para finanzas estatales

Global Credit Research - 14 Feb 2012

Mexico, February 14, 2012 -- Moody's Investors Service public un nuevo reporte sobre los esquemasadoptados por los estados mexicanos en torno a la tenencia estatal. De los 25 estados calificados porMoody's, slo uno opt por mantener la recaudacin de dicho impuesto mediante un nuevo impuesto localcon el mismo esquema fiscal. Para el resto de los estados, el no sustituir este impuesto por un impuestolocal representa una oportunidad desperdiciada para evitar un deterioro de la flexibilidad financiera.

"La decisin de la mayora de los estados de no crear un impuesto estatal sobre tenencia o de disminuirel peso de la recaudacin de este impuesto, refleja una falta de compromiso por mantener su esfuerzorecaudatorio lo que, claramente, va en detrimento de su flexibilidad financiera," coment Rodolfo Torres,analista de Moody's y co-autor del reporte.

En 2010, el impuesto sobre la tenencia o uso de vehculos represent un porcentaje bajo dentro del totalde los ingresos estatales. Sin embargo, cuando se mide este impuesto como porcentaje de los ingresosno etiquetados, se observa que la eliminacin o reduccin de este ingreso limita, an ms, la frgilflexibilidad financiera de los estados.

"El resultado final refleja que los estados mexicanos no cuentan con estrategias financieras de largoplazo," dijo Mara del Carmen Martnez, analista de Moody's y co-autora del reporte. "El no aprovechar laoportunidad de fortalecer los ingresos propios, incrementa an ms la dependencia de los estados de lastransferencias del gobierno federal."

El reporte seala que los estados debern asumir directamente la reduccin de sus ingresos noetiquetados mediante acciones de contencin del gasto o buscando fuentes alternativas de ingresos.

"En el contexto electoral por el que atraviesa el pas, la implementacin de dichas medidas enfrentarbarreras adicionales que dificultarn su exitosa instrumentacin. Ante la ausencia de medidascompensatorias, las finanzas estatales se podrn ver presionadas en el mediano plazo lo que, enconjunto con otros factores crediticios, podra detonar acciones a la baja en las calificaciones," agregRodolfo Torres.

Por ltimo el reporte menciona que el impacto en las finanzas municipales ser neutral debido a la bajaparticipacin de las transferencias provenientes de este impuesto en los ingresos totales municipales y auna mayor flexibilidad financiera.

El reporte es una actualizacin para los mercados y no constituye una accin de calificacin. El reporteest disponible en www.moodys.com.mx

Rodolfo TorresAssociate AnalystSub-Sovereign GroupMoody's de Mexico S.A. de C.VAve. Paseo de las PalmasNo. 405 - 502Col. Lomas de ChapultepecMexico, DF 11000Mexico

7/31/2019 Moodys Tenencia Represent A ad Desperdiciada

2/4

JOURNALISTS: 001-888-779-5833SUBSCRIBERS:52-55-1253-5700

David RubinoffMD - Sub-SovereignsSub-Sovereign Group

JOURNALISTS: 44 20 7772 5456SUBSCRIBERS: 44 20 7772 5454

Releasing Office:Moody's de Mexico S.A. de C.VAve. Paseo de las PalmasNo. 405 - 502Col. Lomas de ChapultepecMexico, DF 11000MexicoJOURNALISTS: 001-888-779-5833SUBSCRIBERS:52-55-1253-5700

2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively,"MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITSAFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDITRISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, ANDCREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'SPUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVEFUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE

SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOTMEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANYESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOTADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK,MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'SOPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENTOR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOTCONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGSAND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TOPURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NORMOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANYPARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHESMOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACHINVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT ISUNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOTLIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OROTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FORANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANYMEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

7/31/2019 Moodys Tenencia Represent A ad Desperdiciada

3/4

All information contained herein is obtained by MOODY'S from sources believed by it to beaccurate and reliable. Because of the possibility of human or mechanical error as well as otherfactors, however, all information contained herein is provided "AS IS" without warranty of any kind.MOODY'S adopts all necessary measures so that the information it uses in assigning a creditrating is of sufficient quality and from sources Moody's considers to be reliable, including, whenappropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot inevery instance independently verify or validate information received in the rating process. Under

no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss ordamage in whole or in part caused by, resulting from, or relating to, any error (negligent orotherwise) or other circumstance or contingency within or outside the control of MOODY'S or anyof its directors, officers, employees or agents in connection with the procurement, collection,compilation, analysis, interpretation, communication, publication or delivery of any suchinformation, or (b) any direct, indirect, special, consequential, compensatory or incidentaldamages whatsoever (including without limitation, lost profits), even if MOODY'S is advised inadvance of the possibility of such damages, resulting from the use of or inability to use, any suchinformation. The ratings, financial reporting analysis, projections, and other observations, if any,constituting part of the information contained herein are, and must be construed solely as,statements of opinion and not statements of fact or recommendations to purchase, sell or hold anysecurities. Each user of the information contained herein must make its own study and evaluationof each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS ORIMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR

FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION ORINFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), herebydiscloses that most issuers of debt securities (including corporate and municipal bonds,debentures, notes and commercial paper) and preferred stock rated by MIS have, prior toassignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by itfees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies andprocedures to address the independence of MIS's ratings and rating processes. Informationregarding certain affiliations that may exist between directors of MCO and rated entities, andbetween entities who hold ratings from MIS and have also publicly reported to the SEC anownership interest in MCO of more than 5%, is posted annually at www.moodys.comunder the

heading "Shareholder Relations Corporate Governance Director and Shareholder AffiliationPolicy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors ServicePty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969.This document is intended to be provided only to "wholesale clients" within the meaning of section761G of the Corporations Act 2001. By continuing to access this document from within Australia,you represent to MOODY'S that you are, or are accessing the document as a representative of, a"wholesale client" and that neither you nor the entity you represent will directly or indirectlydisseminate this document or its contents to "retail clients" within the meaning of section 761G ofthe Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody'sJapan K.K. (MJKK) are MJKK's current opinions of the relative future credit risk of entities, creditcommitments, or debt or debt-like securities. In such a case, MIS in the foregoing statementsshall be deemed to be replaced with MJKK. MJKK is a wholly-owned credit rating agencysubsidiary of Moody's Group Japan G.K., which is wholly owned by Moodys Overseas HoldingsInc., a wholly-owned subsidiary of MCO.

http://www.moodys.com/

7/31/2019 Moodys Tenencia Represent A ad Desperdiciada

4/4

This credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not onthe equity securities of the issuer or any form of security that is available to retail investors. Itwould be dangerous for retail investors to make any investment decision based on this creditrating. If in doubt you should contact your financial or other professional adviser.