Mexican finance minister 'very concerned' about country's downgrade

  • Mexican Finance Minister Arturo Herrera said on Thursday that he is “very concerned” about the country’s ratings downgrade but added that the decision is understandable under the current circumstances.
  • Fitch Ratings on Wednesday downgraded Mexico’s sovereign rating to one notch above speculative grade, or “junk”, on fears that the economic shock caused by the novel coronavirus will cause a “severe recession” this year.
  • Mexico’s economy had already tipped into recession in 2019 and the coronavirus, which causes a respiratory illness called COVID-19, has stoked fears of an even sharper downturn this year.

(Source: Reuter)