Fitch downgrades Mexican governments

Fitch Ratings said it downgraded the long-term local-currency issuer default ratings of seven local and regional governments and one government related entity in Mexico to BBB- from BBB. The outlook is stable. The issuers are: Estado de Guanajuato, Estado de Aguascalientes, Corregidora QRO, Chihuahua CHIH, Municipio de San Pedro Garza Garcia NL, Puebla, Zapopan JAL and Universidad Autonoma de Nuevo Leon.

“Fitch did not review the national ratings of these issuers. The credit strengths and weaknesses for all eight issuers remain the same,” the agency said in a press release.

The downgrade is due to Fitch downgrading the Mexican sovereign on April 15, the agency said.

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