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Secondary Marketplace - Sovereign Report

Mar 1, 2002

Mexico Sheds Junk Rating

Standard&Poor's finally joined fellow ratings agencies Moody's Investors Service and Fitch Ratings by awarding Mexico a long awaited investment grade rating of BBB-, up from BB+. Fitch upgraded Mexico to investment grade in January and Moody's upgraded Mexico in March 2000. In February 2002, Moody's raised the country's ratings another notch to Baa2 from Baa3. The upgrades follow congressional approval in December of a tax package that goes some way to strengthening the public finances, further reinforcing Mexico's strict fiscal policies, heavy foreign investment flows and low debt ratios (see "Envy of the Region," p. 29). Peru's ReturnPeru placed its first global bond since 1928 with a $500 million 10-year bond. The bond, led by JP Morgan and Citigroup, priced at 97.732 with a 9.125% coupon, yielding 9.481%. As part of the same transaction, Peru also retired $1.21 billion in various...

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