Mexico Credit Rating Upgraded by Fitch to BBB+; Peso Rallies
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Mexico had its credit rating raised by Fitch Ratings on the prospect that proposed legal changes will boost growth in Latin America’s second-largest economy. The peso surged to the strongest level since August 2011.
Fitch increased the rating to BBB+, the third-lowest investment grade level, from BBB, putting it in line with Moody’s Investors Service’s Baa1 rating. The move reverses a cut that Fitch carried out in November 2009, when falling oil output and a recession curbed tax revenue. The peso rallied 0.4 percent to 11.9771 per U.S. dollar at 4 p.m. in Mexico City, extending its advance this year to 7.3 percent.