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Mexico City, May 11, 2007 – “I congratulate the State of Hidalgo for its innovative and successful debt restructuring through certificate sale this week.
“The strong demand for the state’s certificates translated into a record low interest rate spread for the state, which will enable Hidalgo to develop its capital plans and provide additional benefits for all Hidalguenses. It also set an interest rate record for Mexico’s capital market.
“By creating the Hidalgo Financing Institute, Hidalgo looks to the future. This landmark institute enables the state of Hidalgo to engage investors in a transparent manner that demonstrates the strongest possible credit quality. Both Fitch Ratings and Standard and Poor’s assigned AAA.Mx ratings to this financing mechanism.
“The United States government is particularly pleased to have provided technical assistance through our Global Development Alliance partner Evensen Dodge. The vision and leadership of Governor Osorio Chong and state officials were instrumental in achieving this milestone.
“The State of Hidalgo’s achievement sends a strong message that states are important actors in Mexico’s economy and that they play a key role in the ongoing success of Mexico’s financial system.”
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