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S&P downgrades Mexico sovereign rating as coronavirus bites


MEXICO CITY (Reuters) - Credit ratings agency S&P on Thursday cut Mexico’s sovereign rating to BBB from BBB+ in anticipation of an economic hit from the coronavirus pandemic and a plunge in oil prices, piling pressure on the government to lift the struggling economy.

Mexico’s economy had already tipped into recession in 2019 and the coronavirus, which causes a respiratory illness called COVID-19, has stoked fears of a sharper downturn this year.

“The pronounced COVID-19 and oil price shocks, in our view, exacerbate Mexico’s already modest growth,” S&P said in a statement, leaving the sovereign rating two notches ...


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