Pemex Rating Cut Follows Mexico's Downgrade
27 Articles
27 Articles
The Mexican qualifier HR Ratings cut the long-term rating of the country’s sovereign debt, from BBB+ to BBB, and kept the perspective stable. She explained that this cut “is the result of the deterioration observed in the main fiscal balances of public finances,” as well as “for the downward revision of the economic growth trajectory.
In this regard, the Ministry of Finance stated that only last year, Mexico made a fiscal adjustment of 1.3 points of GDP, the largest since 1990.
The Secretariat reported that the long-term note fell from BBB+, although the country retains the level of investment
HR Ratings reduced Mexico's rating due to fiscal deterioration and lower growth expectations; it estimates public debt to reach 65.5% of GDP in 2033.
"The combination of these two factors will continue to push the expected level of indebtedness for Mexico," the agency said in announcing its decision
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