Mexican currency under pressure over ratings downgrades
Fate of sovereign increasingly linked to struggling oil company Pemex
The Mexican peso has come under pressure as Fitch and Moody’s revised downwards their ratings of Mexico’s sovereign debt and national oil company Pemex.
Since June 5, the currency has shed 1.5% of its value against the US dollar, falling to 19.7 pesos to the dollar in trading on June 7.
The drop came as Fitch downgraded Mexico’s sovereign debt to BBB from BBB+, just outside junk status, on lower oil revenues and growing trade tensions with the US.
Moody’s changed its outlook to negative
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