Jun 8, 2026
Guillermo Ortiz
Mexico’s recent ratings downgrades are merely a symptom of a more serious malady: the ruling Morena party’s efforts to consolidate power permanently. To ensure the legal predictability foreign investors require, President Claudia Sheinbaum would need to confront Morena’s ideological legacy and, more importantly, its cartel ties.
MEXICO CITY—Mexico is in trouble. Not the kind that governments can manage through policy adjustments, but a deeper structural malaise that compounds quietly until a crisis erupts. Two recent credit-rating downgrades, by Moody’s and S&P, have made the problem legible to international markets, but its causes remain misunderstood.
