Fitch lifts Mexico

Fitch Ratings said it upgraded Mexico's long-term foreign-currency issuer default rating to BBB+ from BBB, long-term local-currency issuer default rating to A- from BBB+, short-term issuer default rating to F2 from F3 and country ceiling to A from A-.

The outlook is stable.

The upgrades reflect the passage of the fiscal reform in the Mexican Congress, which Fitch said it believes will be signed into law by President Calderon soon.

Other factors include Mexico's strengthening policy framework, its continued resilience in the current unfavorable external environment, as well as its prudent public debt liability management, which has strengthened the depth of the local capital markets, the agency said.

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