President Claudia Sheinbaum met this Tuesday with Roberto Sifón-Arévalo, general director and global leader of sovereign ratings at S&P Global Ratings at the National Palace.
During the meeting, topics related to the vision of the country’s development and finances were addressed.
The Secretary of Finance and Public Credit, Rogelio Ramírez de la O, also participated in the meeting.
Currently, Mexico maintains a “BBB” rating with a stable outlook, which places it two levels above investment grade.
Among the countries with a similar rating to Mexico in S&P are Bulgaria, Botswana, Cyprus, Greece, Hungary, Indonesia, India, Kazakhstan, Mauritius, Oman, Panama, Peru and the Philippines.
Just on November 22, Sheinbaum and the director of the Fitch Ratings credit agency, Shelly Shetty, also met to analyze the economic and financial situation in Mexico.
“We met at the National Palace with Shelly Shetty, executive director at Fitch Ratings, and her team, to address the good performance of our economy, healthy finances and Mexico’s plans,” the Mexican president indicated in a publication at that time. on the social network X illustrated with photos of the meeting held.
This meeting with Fitch took place a week after Sheinbaum asked the rating agency Moody’s to provide “evidence” to justify its new negative outlook for Mexico with the argument that there is a weakening of the “institutional framework” in the midst of controversial government reforms.
“I don’t know why there is this supposedly institutional weakening, I would have to give more arguments or evidence for it, many times these rating agencies are oriented to evaluate based on an economic model,” said the president on Friday, November 15 in her conference.
Read: Sheinbaum accuses the US and Canada of having many imports from China while Mexico ‘has a plan’ to replace them
The president then questioned the methodology of Moody’s, which maintained its credit rating for Mexico at Baa2, but changed the outlook from stable to negative due to its “vision of a weakening of the institutional and policy-making framework that could undermine fiscal and economic results.” ”.
Fitch was also critical, after Sheinbaum’s electoral victory, of the judicial reform enacted on September 15 so that, starting in 2025, there will be popular elections for judges, magistrates and the Supreme Court.
“The proposed judicial reforms in Mexico could negatively affect the investment appetite and business environment of non-financial companies if their implementation impedes the autonomy and quality of the judicial system,” Fitch Ratings noted in late June.
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