Fitch cuts Mexico rating, says tax hikes not enough

NEW YORK Nov 23 (Reuters) - Fitch Ratings on Monday cut Mexico's sovereign credit ratings by one notch, saying the government's recently approved tax increases were not enough to address the fiscal deterioration in public accounts.

The credit ratings agency cut Mexico's foreign-currency issuer default rating rating to 'BBB' from 'BBB-plus.' The outlook on the new rating is stable. ((Reporting by Walter Brandimarte; Editing by Gary Crosse)) ((walter.brandimarte@thomsonreuters.com; +1-646-223-6319; Reuters Messaging: walter.brandimarte.reuters.com@reuters.net))