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Financial News: S&P Upgrades Mexico's Rating Outlook

S&P Upgrades Mexico's Rating Outlook

07/19/2017 - 01:29:00 (RTTNews)

(RTTNews) - S&P Global Ratings upgraded the outlook to Mexico's sovereign ratings to 'stable' from 'negative' on improved debt prospects.

The agency affirmed the rating at 'BBB+' on Tuesday. The ratings reflect its track record of cautious fiscal and monetary policies which helped to moderate government deficits and low inflation.

"The change in outlook reflects diminishing risk that the government's direct debt burden, combined with our future assessment of potential contingent liabilities (especially from nonfinancial public enterprises), could materially worsen our overall debt assessment over the next 24 months," S&P said.

The agency said the prompt reaction of Mexican authorities to recent negative shocks will diminish the recently rapid pace of debt accumulation and help stabilize the government's debt burden.

Mexico's general government debt burden is forecast to hover around 45 percent of GDP this year and next and remain below 50 percent for the next two years.

S&P projected that the general government fiscal deficit to be around 3.3 percent of GDP, or potentially lower, in 2017.

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