Fitch lowers Mexico

Fitch Ratings said it downgraded Mexico's foreign currency issuer default rating to BBB from BBB+ and local currency issuer default rating to BBB+ from A-.

The outlook is stable. In addition, the country ceiling was downgraded to A- from A while the short-term rating was affirmed at F2, the agency said.

Fitch said it downgraded Mexico's ratings as the global economic and financial crisis and falling oil production have accentuated weaknesses in the sovereign's fiscal profile, including the high oil dependence of public sector revenues, a narrow non-oil tax base and a limited fiscal cushion.

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