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Local News - Moody's Affirms Rating, Maintains Negative Outlook

MEXICO
  • Moody's Investors Service confirmed Mexico's credit rating at Baa1, saying the country had contained a deterioration in its finances, and forecast a gradual recovery from the economic shock of the coronavirus pandemic.
    • However they also maintained a "negative" outlook citing concerns about growth and investment, plus support for Pemex
  • Mexican senators gave final approval to a bill that will remove an obligation for the country's regulator to rein in the power of state-owned oil company Pemex in the fuel market. The vote was 68 lawmakers in favour and 51 opposed.
  • "There's scope to support, were it to occur, increases in interest rates without pressuring public finances," said Ivan Cajeme Villarreal, head of economic planning at the ministry. (BBG)
  • GM to Invest $1 Billion to Build Electric Vehicles in Mexico (BBG)

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