Fitch Ratings downgraded Mexico’s debt rating to BBB from BBB+ on Wednesday and Moody’s Investors Service changed its outlook to negative from stable amid concerns over state energy company Pemex and as the US was poised to slap tariffs on Mexican exports starting on Monday June 10th.
Rating agencies Fitch Ratings and Moody’s sent warning signals to Mexican authorities on Wednesday June 5th, to reduce the note and the country’s perspective against an environment of uncertainty generated by the tariff hiatus of US President Donald Trump.
The rating agencies foresee a potentially negative economic panorama for Mexico.
Fitch Ratings downgraded Mexico’s rating from ‘BBB +’ to ‘BBB‘ with a stable outlook, while Moody’s changed the country’s outlook from ‘stable‘ to ‘negative‘, but maintained the A3 rating.
Fitch explained that it degraded the long-term debt issuances in foreign and local currency of the (IDRs) from BBB + to BBB, and revised the outlook to stable from negative against the increased risk to the government’s public finances due to the deterioration of the profile Pemex credit, coupled with continued weakness in the macroeconomic perspective.
As for Moody’s, the change to negative outlook was motivated by the weakening of the policy framework, first because they are less predictable and due to lower economic growth.
The Yucatan Times Newsroom
more recommended stories
AMLO evaluates freeing Quintana Roo former governor Mario Villanueva from jail
(Bloomberg) — Mexican President Andres Manuel.
Yucatecan exports to Cuba on the rise
YUCATÁN (Times Media Mexico).-” Yucatan´s exports to.
Mexican government auctions seized goods including six of “El Chapo’s” houses
The Mexican government will auction seized.
It´s official, Mexico has granted political asylum to former president of Bolivia, Evo Morales
“The Mexican government has granted political.
Teen survivor recalls horrifying details of ambush in Mexico that killed 9
Teen survivor recalls horrifying details of.
Founder of White Helmets found dead in Istanbul
EUROPE(News Agencies) – The British founder.
Is Veterans Day always on Nov. 11?
On Veterans Day, Americans take the.
The people will decide on the Maya Train project: AMLO
On Sunday November 10th, President Andrés.
Internet consumption habits in Yucatán
In Yucatán, 96% of households have.
The Hong Kong struggle
HONG KONG (News Agencies)-A man has.