Not only is the expanded VAT in place, the government has already raised the VAT rate to 12 percent. There is obviously lesser political noise now than before, so what else does Moody's want before it changes its outlook?

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This is the only rating that should matter to her because people are voting with their money, by betting that the peso will continue to climb because she would pursue her economic reforms.

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The annual Congress is also an opportunity to renew the friendship that we, ACI members worldwide, have built through the years.

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