The Wall Street Journal: Mexico sovereign debt rating cut one notch by Fitch

MEXICO CITY—Fitch Ratings lowered Mexico’s sovereign debt rating, saying the deteriorating credit profile at state oil company Petróleos Mexicanos weighs on government finances while the economy is underperforming and the country faces external threats on the trade front.

Wednesday’s downgrade to BBB from BBB+ came as Mexican officials met in Washington, D.C., with U.S. officials, seeking to convince the Trump administration to abandon threats to slap a 5% tariff on all imports from Mexico starting June 10. The tariffs would gradually rise to 25% in October unless Mexico does more to curb a flood of Central American migrants reaching the U.S.

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