Continuity in Ministry of Finance Ensures Stability: HR Ratings

Claudia Sheinbaum's announcement that Rogelio Ramírez de la O will continue leading the Ministry of Finance opens the possibility for Deputy Minister of Finance Gabriel Yorio to retain his current role, a move expected to positively impact the country's financial stability, says HR Ratings.

Pedro Latapí, Director, HR Ratings, told Forbes that the confirmation of continuity in the ministry’s leadership by the upcoming administration provides confidence, given its track record of cautious management of public finances and controlled spending, except in 2024 due to increased spending to deliver López Obrador's key projects. Latapí emphasized that Yorio's adeptness at effectively communicating with investors, rating agencies, and the broader financial community is highly valuable.

"The continuity of the current team, known for its consistent prudence and clear understanding of budgetary priorities, certainly brings peace of mind," Latapí said.

Latapí highlighted the necessity for further insights from the 2025 Economic Package in November and the new administration's National Development Plan to establish an outlook regarding the next administration's public finances. HR Ratings also noted its inability to provide an assessment of Mexico's sovereign debt and its rating, currently at BBB+ with a stable outlook. The agency's year-end exchange rate projection stands at MX$18.50 pesos per dollar.

After weeks during which the Mexican peso fell, it strengthened following economic data released by INEGI and the announcement of the first members of Claudia Sheinbaum's new cabinet. So far, Sheinbaum has unveiled a total of 12 ministers, including Marcelo Ebrard as Minister of Economy, reflecting the continuity of MORENA ideals but also presenting a moderate approach in her administration.