As investors watched from a distance, Mexican investment bank Protego Asesores set out to prepare a palatable deal for the heavily indebted State of Mexico (see ASR 10/14, p. 17). As it turns out, Fitch Ratings and Standard & Poor's have passed judgment and their ratings may be enough to banish concern of the originator's risk.

"Clearly they're differentiating the deal from the state," said Luis Videgaray, managing director of Protego, structuring agent on the deal. "We've been working on this for a few months and had to overcome many obstacles."

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