Mexican Insight – December 23, 2013

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Mexican Insight – December 23, 2013 (pdf)

«Energy Reform is Constitutional; 17 States confirm it». The energy reform that was
recently approved by the Mexican Congress has also been approved by the minimun
number of state legislatures required for the bill to become a constitutional reform. It is
expected that the reform will be formalized on Wednesday.

«I don’t see a legal basis for the reform to be contested». The Minister of Energy said this
morning that the reform has legal robustness, so he discards formal objections from the
opposition party PRD.

«Mexbol gains 0.88% ahead of Fed meeting»: Local analysts think this reflects the
optimism of businessmen and entreprenuers around the approval of the reform.3
Analysts consensus is that the energy reform will add 1.5% to GDP growth. It is expected
that an improvement in the soverign debt rating will come soon and that the Mexican peso
could be at $12.5 in the next year.