LatinNews Daily - 14 May 2026

*Mexico’s Finance Minister Edgar Amador Zamora has responded to the 12 May downgrade of Mexico’s outlook by international credit ratings agency S&P Global, insisting that the country is in a solid financial position. S&P maintained Mexico’s long-term foreign currency credit rating at BBB and its local currency credit rating at BBB+, but revised its outlook to ‘negative’ from ‘stable’. S&P said that “the negative outlook reflects the risk of very slow fiscal consolidation largely due to low economic growth resulting in a faster-than-expected buildup in government debt levels and higher interest burden”. It added that “the expected continued substantial fiscal support for [state oil company] Petróleos Mexicanos (Pemex) and [state electricity company] Comisión Federal de Electricidad (CFE) would continue to aggravate Mexico’s fiscal rigidities,” while “an unexpected worsening of Mexico’s close trade and other economic links with the U.S. could also weaken the country’s solid external position”. Amador was widely cited in the Mexican media as saying yesterday that President Claudia Sheinbaum’s government is “convinced that the set of actions that we’re taking will be sufficient to convince [S&P] to return the outlook to its original level”. Speaking during a financial forum, Amador reportedly highlighted a reduction in the fiscal deficit from 5.8% to around 4.3% of GDP last year.

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