Fitch Cuts Mexico’s Sovereign Rating, Moody’s Downgrades Outlook

Mexico's rating and outlook were downgraded on Wednesday by Fitch Ratings and Moody's Investor Service, respectively, citing worsening outlook for the economy, especially in the backdrop of rising trade tensions. Fitch downgraded Mexico's sovereign ratings to 'BBB' from 'BBB+', citing risks to public finances from the state oil company Pemex amid weakness in the macroeconomic outlook.