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LatinNews Regional Monitor: Mexico - 12 April 2018
In brief: Mexico
* International credit ratings agency Moody’s Investors Service has changed the outlook on the Mexican government’s ratings from negative to stable. Concurrently, Moody’s affirmed Mexico’s foreign and local currency issuer ratings, foreign and local currency senior unsecured ratings, and local currency senior secured rating at A3. According to a Moody’s press release, the change in outlook was driven by the following factors: 1) Risks to growth stemming from the North American Free Trade Agreement (NAFTA) renegotiation are receding as engagement between members of the treaty has remained solid despite a challenging negotiation process; 2) the adoption of structural reforms since 2013 which have increased the Mexican economy’s resilience to shocks, contributing to favourable fiscal results and a moderate decline in public sector indebtedness; and 3) Moody’s view that the probability is low that the next administration, through a sharp change in policy, weakens economic and fiscal trends.
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