The state of Baja California was given approval of a 2 billion pesos or $100 million short term loan, a state official said.

Secretary of the Treasury Marco Antonio Moreno said banks offered 1.7 times the initial offering, which positively impacts credit ratings.

According to the state official the offering represents a credit improvement compared to the rates provided to the past administration.

This, Moreno said, means financial markets increased their trust in the State’s incoming administration.

The Secretary said the state was given a 6.9 percent rate, much lower than the 19 percent given to the last administration. Governor Marina Avila previously said the borrowed funds will help pay year-end labor liabilities.