Mexico · Markets

Key Facts

—The cut: Moody’s lowered the Mexico credit rating to Baa3 from Baa2 on May 20, the last rung of investment grade, one step above speculative status.

—The outlook: the agency shifted the outlook from negative to stable, signalling no further change is likely over the next 18 months.

—The reason: Moody’s cited a sustained weakening of public finances since 2024, rising debt and the cost of continued support for state oil firm Pemex.