38588
Mexico’s Outlook Cut to Negative
World Economy

Mexico’s Outlook Cut to Negative

Moody’s cut its outlook for Mexico’s credit rating on Thursday to negative from stable due to the country’s low economic growth, dicey external environment, and a chance the government may pour more funds into propping up state-owned oil firm Pemex, Reuters reported. The credit rating agency maintained Mexico’s sovereign rating at A3, but said Latin America’s second-largest economy faces challenges in trying to consolidate its finances and stabilize debt levels. A senior finance ministry official said Mexico disagreed with the move. In a news conference, Moody’s said it would wait a year or two before deciding whether to lower Mexico’s sovereign rating. Moody’s still rates Mexico higher than rival ratings agencies, S&P and Fitch. Moody’s said that new government obligations “in the form of possible government support to Pemex, given liquidity pressures at the state-owned oil producer, could further undermine the fiscal consolidation process.” Moody’s also downgraded its rating for Pemex on Thursday to Baa3, from Baa1.

 

Short URL : http://goo.gl/FLZR1a
  1. http://goo.gl/9BnSzg
  • http://goo.gl/GkwqKX
  • http://goo.gl/QnvE9d
  • http://goo.gl/nT7o1w
  • http://goo.gl/JV07vy

You can also read ...

Lower-income families, already pinching pennies, are most exposed, given the likelihood of tariff-related price increases on everyday items.
China canceled trade talks with the US and will no longer send...
Dairy Exports Hinder US-Canada Deal
One of the last remaining points of contention in the trade...
Apple Begins Selling IPhone XS, XS Max Worldwide
Apple’s newest iPhone XS went on sale worldwide Friday as...
Turkey, Venezuela Plan to Use Local Currencies
Turkey and Venezuela are eager to use local currencies in...
EU foreign affairs chief Federica Mogherinia (L) and Transport Commissioner Violeta Bulc present the proposal  for an EU strategy for connecting Europe and Asia.
While European Union leaders were in the middle of another...
Japan to Resist New Auto Tariffs
The Japan-US ministerial-level trade talks scheduled on Monday...
Pakistan Seeks  to Increase  Exports to China
In a positive development, an important mission from China is...
South Africa Says Will Swim Out of Recession
South African President Cyril Ramaphosa has ambitious plans to...

Trending

Googleplus