Among key drivers, Fitch noted proactive response from Mexican government to curb the effects of the decline in oil prices and production, subdued growth in the US and increased international financial volatility along with the implementation of structural reforms and macroeconomic stability.
“Mexico's 'BBB+' ratings are supported by the country's disciplined economic policies, well-anchored macroeconomic stability and low imbalances, and an adequately capitalized banking sector”, Fitch said in a statement. “These strengths sufficiently counterbalance Mexico's rating constraints, which include structural weaknesses in its public finances, including low fiscal buffers relatively low financial intermediation and institutional weaknesses highlighted by the high incidence of drug-related violence and corruption”.
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