HR Ratings reported that the adjusted delinquency index for Mexico's agro-financial segment reached 6.7% in the second quarter of 2026, compared to 4.1% in the same period of the previous year. ^[1] HR Ratings estimates that the Mexican economy will grow by 1.1% this year due to a slowdown in consumption and lower remittance flows. ^[2] The total agro-financial portfolio reached 37,905 million pesos at the close of June 2026, equivalent to 14.7% of the consolidated portfolio of the rating agency's sample. ^[3] Roberto Ballinez, Senior Executive Director of Public Finance and Infrastructure at HR Ratings, argues that low debt levels may be reducing public investment in infrastructure. ^[4] The 2016 constitutional reform established the Fiscal Discipline Law (LDF), creating a public registry and binding financing limits to enforce fiscal responsibility. ^[5] The authors contend that the current fiscal framework prioritizes debt reduction over financing long-term infrastructure projects like roads, hospitals, and industrial parks. ^[6] The average annual nominal growth rate of public debt for states and municipalities fell from 6.9% between 2012 and 2016 to 2.6% between 2016 and 2025. ^[7] HR Ratings noted that the agro-financial segment recorded the second highest adjusted delinquency index, only below the micro-financing segment which reported 13.6%. ^[8]