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Best to Wait to Celebrate Mexico's Improved Country Debt Rating
Moody's Investor Services just raised its sovereign rating for Mexico to investment grade.
Standard and Poors continues to rate Mexico two notches below investment grade. Mexico's own president is cautious. Why? The government, and others, are concerned that investment grade status could cause much speculative investment, which, in turn, would cause a consumer boom. That would worsen Mexico's current account deficit.
Rather than popping open the champagne, investors should treat Mexico as an unfinished work in progress, with a long way to go.
Source: Financial Times, March 9, 2000
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