The Mexican peso maintained its bullish momentum today after Moody’s Investor Service upgraded the nation’s credit rating last week, increasing the attractiveness of Mexico’s assets to investors.
Moody’s boosted Mexico’s sovereign rating from Baa1 to A3 with stable outlook on February 5. The rating agency commented on the decision:
The decision to upgrade Mexico’s sovereign ratings was driven by the structural reforms approved last year, which Moody’s expects will strengthen the country’s potential growth prospects and fiscal fundamentals. As the full impact of the reforms becomes more evident over time, Moody’s expects that Mexico’s credit metrics will report firm — but gradual — improvements, thereby further reinforcing the country’s already robust sovereign credit profile.
USD/MXN was down from 13.3277 to 13.2592 as of 20:56 GMT today.
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