The Comisión Federal de Electricidad (CFE) obtained financing for 20 billion Mexican pesos through the issuance of Certificados Bursátiles (CEBURES) in the local market. ^[1] Moody's Local México warned that social spending in Mexican states has accelerated sustainably over the last five years. ^[2] Ten billion pesos will be used to finance or refinance, total or partially, a portfolio of long-term investment projects including photovoltaic, hydroelectric, and combined-cycle power plants. ^[3] The other 10 billion pesos will be used to refinance CEBURES and short-term credits with maturities expected in the fourth quarter of 2026, which does not represent additional debt for the CFE. ^[4] The resources obtained will be used to strengthen the company's financial structure and develop long-term electrical infrastructure. ^[5] Moody's Local México advised that the rising social spending is reducing the fiscal space available to the states. ^[6] The agency stated that this accelerated social spending now consumes a larger portion of the operational budgets of the states. ^[7] The report noted that the growth in social spending has exceeded the average growth of wages and salaries. ^[8]