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Fitch Affirms Mexico at BBB-, September Retail Sales Data Due

MEXICO
  • Mexico’s long-term issuer default rating was affirmed by Fitch at BBB-, the lowest investment grade score.
    • “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”.
  • Retail Sales Data due at 1200GMT/0700ET:
    • September Retail Sales M/m, est. 0.1%, prior -0.4%
    • September Retail Sales Y/y, est. 3.9%, prior 4.7%
  • To recap yesterday’s news, President AMLO announced that Banxico Deputy Governor Gerardo Esquivel will be considered for alternative roles, rather than be re-nominated for an eight-year term at the central bank. These could include a position in the government, or another entity representing Mexico, AMLO said at his morning news conference on Monday.
  • Banxico holds weekly auction for Cetes, Bondes F, Mbonos and udis at 11:30am Mexico City time. Mexico stock exchange holds annual general meeting scheduled for the same time.
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