S&P cuts Mexico, Pemex on coronavirus, oil prices

S&P cuts Mexico, Pemex on coronavirus, oil prices

Bonds Capital Markets Mexico Trinidad & Tobago Caribbean Colombia Andean Latin America Coronavirus Energy Gas Economy & Policy

S&P Global Ratings downgraded Mexico and the state-owned oil company Pemex as the coronavirus outbreak and the recent plunge in oil prices send shocks through the economy. "These shocks, while temporary, will worsen already weak trend GDP growth dynamics for 2020-2023 that reflect, in part, low private-sector confidence and poor investment dynamics," S&P said in a report on Thursday. S&P cut Mexico's long-term sovereign ratings to BBB from BBB+ and maintained a negative outlook, sayi

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