April 16, 2020 |
Fitch Ratings late on Wednesday cut Mexico's long-term sovereign foreign currency credit rating one notch to BBB-, just a step above junk status, saying the coronavirus pandemic will likely spur a severe recession that an already fraught business environment will be unable to recover from quickly.
"A recovery starting in 2H20 will likely be held back by the same factors that have hampered recent economic performance, which has lagged rating and income level peers," Fitch said in a statement. The
Mexico is a step away from junk; already fragile business climate seen hampering recovery from pandemic