*International ratings agency Standard & Poor’s (S&P) upgraded the outlook of Mexico’s long-term debt rating from ‘negative’ to ‘stable’ citing an improvement in the country’s debt prospects. S&P maintained the long-term debt rating for foreign denominated bonds at ‘A-2’ but said that the improvement in its outlook “reflects diminishing risks that the government’s direct debt burden, combined with our future assessment of potential contingent liabilities… could materially worsen our overall debt assessment over the next 24 months”. The ratings agency added that the fiscal reform implemented by the Mexican government had helped to shore up Mexico’s financial position in the face of falling oil revenues.
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