Since 2001, financial agents, country-risk analysts and credit rating agencies have considered Mexico to be a solvent or low-risk country. This article seeks to answer the question of whether Mexico has ceased to be an emerging market economy. Therefore, the aim of the article is to provide an overview of the factors that lie behind this positive view of Mexico. We believe the answer to this question is affirmative. The positive change in the export structure, a healthier financing of the external sector deficit and the change in the production structure support the hypothesis that Mexico is no longer a risky economy. And, therefore, Mexico is not subjected to the severe macroeconomic crises proper to traditional emerging market economies. Other elements, however, also mean Mexico cannot yet be described as an economy exempt from macroeconomic risks.