HR Ratings modified the outlook for Mexico’s sovereign rating from “stable” to “negative”, which remained at “BBB+”.
The change in outlook was the result of the deterioration in its estimates of economic growth in 2024 and 2025 for the country.
It also forecast a slower reduction in the fiscal deficit for 2025 compared to what the Treasury estimated, which could put pressure on net debt as a proportion of GDP.
“The reduction in our growth expectation for the sovereign is the result of the negative behavior that industrial activity has shown during the last twelve months, especially due to the lower dynamism of the construction sector in addition to a slowdown in the manufacturing sector and lower external demand. ”said HR Ratings in a document sent to the Mexican Stock Exchange.
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