Sovereign Report

Sovereign Report

Mexico

Mexico Stands ApartMoody's Investors Service raised its rating outlook for Mexico to positive from stable last month. It currently rates the sovereign Baa3, the lowest investment grade rating. Standard  &  Poor's still rates Mexico one notch below investment grade at BB+, with a positive outlook. Moody's said the change in outlook, "Mostly reflects the continued integration of the country into the North American economic zone." It said this has strengthened the resilience of its economy to external shocks and, in particular, to emerging market contagion. Shortly before this, Mexico issued a heavily oversubscribed $1.5 billion, 30-year benchmark global bond aimed mainly at US

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