Fitch Affirms Mexico at BBB-; Outlook Stable

From the report:

• Mexico's rating is supported by a prudent macroeconomic policy framework, stable and robust external finances, and government debt/GDP projected to remain stable at levels below the 'BBB' median.
• The rating is constrained by weak governance indicators, muted long-term growth performance, micro policy intervention affecting investment prospects in Fitch's view, and the potential contingent liabilities from Pemex.
• The Stable Outlook is supported by stable public finances and the priority policymakers attach to this and broader macroeconomic stability, notwithstanding challenges from subdued economic growth prospects.
• This supports our assessment of macro policy credibility as a rating strength despite continued microeconomic policy interventions and governance challenges.