UPDATE 1-S&P downgrades Mexico sovereign rating to BBB, from BBB+

March 26 (Reuters) – Credit ratings agency S&P said on Thursday it had lowered Mexico’s sovereign credit rating to BBB from BBB+ due to an expected economic hit from the coronavirus scare and a sharp drop in oil prices.

“The pronounced COVID-19 and oil price shocks, in our view, exacerbate Mexico’s already modest growth,” S&P said in a statement. “The downgrade reflects our revised expectations that real per capita GDP growth will remain below that of peers with a similar level of economic development.”

S&P put Mexico’s outlook on negative.

Source text: (bit.ly/3dth2S6) (Reporting by Noe Torres and Anthony Esposito)

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