In case you missed it between tacos and sunsets, Baja California just got a financial thumbs-up from Moody’s. That’s right — the international credit rating agency gave the state an A-.mx rating with a stable outlook, which is kind of like getting an A-minus on a math test you didn’t even study for. Except this time, they actually did study. A lot.
This is the highest rating Baja California has received in the last four years, and it didn’t happen by chance. The upgrade is thanks to Governor Marina del Pilar Ávila Olmeda’s administration, which has been slowly climbing the ranks since 2022. Apparently, someone finally decided to stop setting fire to the financial paperwork.
And let’s be honest — this news couldn’t come at a better time for the Governor, who’s been dealing with political turbulence after she and her husband reportedly had their U.S. visas revoked, a move that sent her approval ratings into a tailspin. A shiny new credit rating? That’s a much-needed talking point.
Wait—What’s A-.mx, Anyway?
Before you go thinking Baja is now on par with Switzerland, a quick note: A-.mx is what’s called a national scale rating. The “.mx” means it’s graded relative to other entities in Mexico, not the entire world. So while it’s not the same as a global Moody’s A-, it’s still a very strong sign of financial health — kind of like being voted Most Responsible in a room full of tequila drinkers.
Moody’s gave the nod not just because the numbers looked good, but because the whole plan looked good. The state has been showing what the agency calls “disciplined financial management, strategic investment, and long-term vision.” Translation: They’re not just patching potholes—they’re planning roads that actually lead somewhere.
From Financial Freefall to Surplus
Back in the not-so-distant past (pre-2021), Baja’s credit rating was heading downhill faster than a beer on a beach slope. Investors were nervous, debt was piling up, and confidence was, well, somewhere in the basement.
But Marina del Pilar’s team hit the brakes and flipped the script with a six-year financial plan. The pillars? More revenue, tighter spending, strategic infrastructure investment, boosted social spending, and yes—embracing technology.
And guess what? It worked. The state has racked up three years of financial surpluses, something no one thought possible after back-to-back deficit-heavy administrations. Starting from a BBB rating with a negative outlook in 2022, Baja made it to BBB with a positive outlook by 2023, climbed to BBB+ in 2024, and finally earned the A- crown in 2025.
That puts the state back to solvency levels not seen since 2018. Not bad for a government everyone used to accuse of being more familiar with burritos than budgets.
So, What’s Driving the Recovery?
It’s not just clever accounting. Baja California has a diverse, healthy economy with a solid industrial base. According to Moody’s, the state’s GDP per capita is about 130% of the national average. That’s like saying your piggy bank has more coins than the neighbor’s entire bank account.
Even better? In 2024, 31% of the state’s operating income came from its own revenue, far above the national median. That’s a big deal in a country where many states rely heavily on federal transfers.
How’d they do it? Moody’s credits smart tax reforms and effective collection measures implemented since 2020. In plain English: they found better ways to bring in money without just hiking taxes.
So yes, the boring stuff—like budgeting and planning—is finally paying off. Baja California isn’t just waiting for good news. It’s building it, one spreadsheet at a time.
