Double Whammy: Fitch downgrades Mexico and Moody’s lowers outlook
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.
