Fitch Downgrades Mexico to 'BBB'

©image: Fitch Ratings

Both ratings have a 'Stable' outlook. Additionally, the country's ceiling was reduced to 'A-' from 'A'.

Fitch downgraded Mexico's ratings because the country's fiscal situation has gotten worse with the financial crisis and a reduction in Mexican oil production.

Source: Fitch Ratings

More on this topic

Fitch Rating upgrades Panama to Investment Grade

March 2010

Panama has joined the privileged group of Latin American countries ranked as investment grade, which includes Brazil, Mexico, Chile and Peru.

Fitch Ratings has upgraded the Republic of Panama's long-term foreign currency and local currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+'.

A press release from Fitch Ratings reads:

February 2012

Fitch Affirms Costa Rica’s International Rating as 'BB +', Outlook Stable

Fitch Ratings - New York - February 14th , 2012: Fitch Ratings has affirmed the International Ratings (IDR) and the Country Ceiling of Costa Rica, as detailed below:
- Classification of long-term foreign currency 'BB +';

Fitch Publishes El Salvador's Sovereign Rating

September 2010

Fitch Ratings has recently confirmed that the country's local and foreign currency risk classification as 'BB', with Outlook Negative.

El Salvador's main credit weaknesses include its comparatively slow GDP growth, a narrow income base and rigid fiscal policy, particularly apparent in the light of the country's vulnerability to the US economic slowdown and corresponding drop in capital movement.

S&P Also Upgrades Panama to Investment Grade

May 2010

Standard & Poor’s rated Panama as investment grade; Fitch did the same two months ago.

The risk rating agency raised Panama's long-term foreign- and local-currency sovereign credit ratings to “BBB-” from “BB+”.

"The upgrade reflects our assessment that continued economic growth--combined with moderate fiscal deficits--should reduce the government's debt burden and maintain its financial profile comfortably in line with that of other sovereigns in the 'BBB' rating category," said S&P credit analyst Roberto Sifon-Arevalo. The outlook on Panama is stable.