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S&P rating cut sends double blow to Mexico

Friday, March 27, 2020

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, has stoked fears of a sharper downturn this year, Reuters reports.