DBRS upgrades Mexico to BBB (high)

DBRS said it upgraded the United Mexican States' long-term foreign and local currency issuer ratings to BBB (high) from BBB and to A (low) from BBB (high), respectively.

DBRS also upgraded the short-term foreign currency rating to R-1 (low) from R-2 (high), while the short-term local currency rating has been confirmed at R-1 (low). The trend on all ratings is stable.

The agency said the upgrade reflects the significant progress made by Mexican authorities on a broad range of reforms over the past 18 months, particularly in the areas of energy, telecommunications, competition, fiscal policy and the financial sector. The cumulative impact of these reforms is likely to be significant, initially leading to increased investment and stronger public finances, DBRS said in a news release.

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