March 11, 2020 / 7:19 PM / 20 days ago

Falling oil prices increase risk to Mexico's sovereign credit rating: Moody's

MEXICO CITY (Reuters) - Falling oil prices increase the risks to Mexico’s sovereign credit rating, ratings agency Moody’s said on Wednesday, adding that the Mexican oil hedge will mitigate the impact on government revenue this year.

Moody’s also revised down its estimate for economic growth in Mexico this year from 1% to 0.9% due to direct and indirect impacts of the coronavirus, according to comments distributed to the media.

Reporting by Noe Torres; writing by Julia Love

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