S&P downgrades Mexico sovereign rating on coronavirus fears

[turbinetree]

Source: Reuters

BUSINESS NEWS MARCH 26, 2020 / 6:34 PM / UPDATED AN HOUR AGO

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

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

Mexico’s economy is already in recession and the coronavirus crisis and falling crude prices have battered the outlook.

S&P said it expected Mexican gross domestic product (GDP) to decline between 2% to 2.5% in 2020 and then rebound in 2021 by a little over 2%.


Read more: https://www.reuters.com/article/us-mexico-rating-s-p/sp-downgrades-mexico-sovereign-rating-on-coronavirus-fears-idUSKBN21D3R8?il=0

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hold on.............................

[bucolic_frolic]

1. Time was this would rattle markets

now there's so much money around this is positive because it's just an excuse to print more

[flibbitygiblets]

2. US got an "AA+" rating and we have 44,000 homeless CHILDREN in NYC alone

That's just the children. And that's just New York City. The #1 reason cited is lack of affordable housing.

Source: https://www.coalitionforthehomeless.org/basic-facts-about-homelessness-new-york-city/