Mexico: S&P cut the outlook from stable to negative on BBB+ rating - BBH

Research Team at BBH, notes that the S&P cut the outlook on Mexico’s BBB+ rating from stable to negative. 

Key Quotes

“We very surprised by this. Our own sovereign ratings model has Mexico at BBB+/Baa1/BBB+ and we so think it's correctly rated.  We did agree with Moody's recent move to a negative outlook, as its A3 (equal to A-) was too high.  Once again, S&P is the most aggressively negative on EM.”