S&P sees no ratings impact from Mexico election

MEXICO, July 6 (Reuters) - Mexico's Congressional elections, in which the opposition party made significant strides, will have no immediate effect on the country's credit rating outlook, Standard & Poor's said on Monday.

Sovereign Ratings Director Lisa Schineller told Reuters that while gains by the Institutional Revolutionary Party, or PRI, in the mid-term vote were a bit larger than expected, they did not alter the need for cooperation between political groups.

"The basic message has been a track record of having to pass reforms with cross party support," Schineller said. "That's reinforced by the electoral outcome."

She added that S&P would like to see the government's proposals -- and the opposition's counter-measures -- in key legislative areas before making any further judgments. (Reporting by Pedro Nicolaci da Costa, Editing by Chizu Nomiyama)