![Mexico Mexico](https://cdn-www.bnamericas.com/img/flags/MEXICO.jpg)
Mexico receives ratification of the rating for its sovereign debt
This is an automated translation of the press release issued in Spanish
• The Fitch agency ratified the rating for Mexico's long-term sovereign debt at BBB-, above investment grade.
• The rating agency highlighted the prudence of macroeconomic policies, stability in external accounts and public debt in relation to GDP below that of peer economies.
• With this announcement, seven agencies have ratified Mexico's credit rating for the year, maintaining a stable outlook for the country.
Today, the rating agency Fitch maintained the rating of Mexico's long-term debt in foreign currency at BBB-, above investment grade. Likewise, it confirmed the stable outlook, indicating that it does not expect any changes in the rating during the next 12 to 18 months.
Fitch recognized a prudent, consistent and credible macroeconomic policy framework in Mexico. External finances remain robust with the capacity to absorb external shocks. The agency highlighted the authorities' commitment to ensuring the stability of fiscal and monetary policy in order to contain macroeconomic imbalances.
The agency highlighted that public debt relative to GDP will remain below the median of peer countries with a BBB rating. The increase in the fiscal deficit estimated for 2024 is in line with what was proposed by the Ministry of Finance and towards 2025, although the agency foresees a greater expenditure exercise than expected, it clarifies that it will be until the delivery of the 2025 Economic Package, where The fiscal results can be observed in greater detail.
Fitch recognized the Federal Government's continued support for Pemex and highlighted the budget line included in the 2024 economic package as a reflection of transparency and commitment on the part of the Government. Although challenges persist for the company, these support measures will be sufficient to cover its debt commitments acquired for the current year.
The rating agency estimated a moderation in the growth rate associated with the restrictive financial conditions prevailing in the market and lower external demand. However, this will be offset by the strength of domestic demand, a low unemployment rate and the process of relocation of companies that will increase investment and diversify manufacturing capacity.
This ratification of the sovereign debt will allow continued favorable access to national and international markets. The Ministry of Finance and Public Credit maintains its commitment to maintaining stability in public finances and debt.
The full report can be found in the following link: https://www.fitchratings.com/research/sovereigns/fitch-affirms-mexico-at-bbb outlook-stable-18-07-2024
* * *
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Political Risk & Macro (Mexico)
![Mexican think tank calls for reconsideration of energy policy, role of Pemex and CFE](https://cdn-www.bnamericas.com/img/sectors/politicalriskmacro_2.jpg)
Mexican think tank calls for reconsideration of energy policy, role of Pemex and CFE
Researchers at think tank CIEP said the current business models of the state-owned energy firms need major changes.
![Almaden files arbitration request against Mexico claiming at least US$200mn](https://cdn-www.bnamericas.com/img/sectors/politicalriskmacro_1.jpg)
Almaden files arbitration request against Mexico claiming at least US$200mn
The Vancouver-based miner alleges that Mexico has breached its obligations under the CPTPP by blocking the development of the Ixtaca precious metal...
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects
Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.
- Project: El Quevar
- Current stage:
- Updated:
1 day ago
- Project: Arinos 19 photovoltaic park (Complejo Arinos)
- Current stage:
- Updated:
2 days ago
- Project: Arinos 22 photovoltaic park (Arinos Complex)
- Current stage:
- Updated:
2 days ago
- Project: Polo Sur project and Minera Centinela optimization
- Current stage:
- Updated:
2 days ago
- Project: Belize II Vehicle Bridge
- Current stage:
- Updated:
2 days ago
- Project: La Niña - Piura transmission line
- Current stage:
- Updated:
2 days ago
- Project: Porvenir Solar Project
- Current stage:
- Updated:
2 days ago
- Project: Halcón 3 BESS plant and transmission line
- Current stage:
- Updated:
2 days ago
- Project: Valtierra Photovoltaic Park (PFV)
- Current stage:
- Updated:
2 days ago
- Project: Celendín - Piura transmission line, expansions and associated substations
- Current stage:
- Updated:
2 days ago
Other companies
Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.
- Company: Connectta Montagens
- Company: Conexsol Latam
-
The description contained in this profile was extracted directly from an official source and has not been edited or modified by BNamericas researchers, but may have been machine...
- Company: Voltalia Energia do Brasil Ltda.  (Voltalia do Brasil)
-
Voltalia Energia do Brasil Ltda. (Voltalia do Brasil) was established in 2006 by French renewable energy developer Voltalia to act as the group's country subholding company for ...
- Company: Solatio Energy Gestão de Projetos Solares Ltda.  (Solatio Energy Gestão de Projetos Solares)
-
Solatio Gestão de Projetos Solares, a Brazilian firm with Spanish ties, has been operating in Brazil since 2009 and is among the largest Brazilian investors in solar energy, hav...
- Company: Roberto Resources Inc.
- Company: Angela Paola Arellano Aiquipa-Castro
- Company: Cobalt Chile SpA
- Company: CDV Desenvolvimento