Moody's upgrades Mexico to coveted A grade sovereign rating

MEXICO CITY Wed Feb 5, 2014 2:20pm EST

MEXICO CITY Feb 5 (Reuters) - Mexico became only the second country in Latin America to earn a coveted "A" grade sovereign rating as Moody's upgraded it on Wednesday, citing a raft of econmomic reforms that President Enrique Pena Nieto has pushed through Congress.

Mexico's peso and leading share index both turned positive after the upgrade, which should help lower the country's borrowing costs.

Moody's upgraded Mexico's sovereign rating outlook to A3 from Baa1 with a stable outlook. Until now, Chile was the only country in Latin American country with an A rating.

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