Overview
- S&P placed Sinaloa’s mxA rating on Special Review with negative implications after the April 29 U.S. indictment of Governor Rubén Rocha Moya.
- The agency said it will decide within about 90 days and will track liquidity, payment of unsecured short‑term loans, and the state’s capacity to refinance with commercial banks.
- At the end of 2025, Sinaloa owed 7,182 million pesos, including 2,695 million in short‑term debt to Banorte, Santander, and BBVA México, which makes steady bank credit vital for daily cash needs.
- S&P warned that tighter financing could follow the accusations, raising borrowing costs and making near‑term refinancing harder if liquidity weakens.
- Rocha has denied the allegations and remains in office, while Mexico’s Foreign Ministry and Attorney General questioned the U.S. evidence and the American Society of Mexico urged full, swift cooperation.