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Economy & Business - May 2020

MEXICO: Credit ratings downgrades

On 17 April, international credit ratings agency Moody’s Investors Service announced that it had downgraded Mexico’s sovereign debt rating from ‘A3’ to ‘Baa1’. Moody’s also disclosed that it had changed its outlook to ‘negative’, which means that it considers it plausible that Mexico’s domestic economy and fiscal situation is likely to deteriorate further. The ratings agency cited the government’s unsatisfactory policy response to its economic challenges and Pemex’s financial and operational problems, as well as uncertainty regarding public policies in the medium term.

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