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S&P Flags Negative Outlook for Mexico, Debt Near 54%

5/14/2026

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Summary

Story summary

S&P Global Ratings changed Mexico’s sovereign credit outlook to “negative” from “stable” on May 12 2026.
The agency kept the foreign-currency rating at “BBB” and local rating at “BBB+”, warning a downgrade could occur within 24 months if deficits and debt are not reduced.
S&P sees a 4.8% GDP deficit in 2026, debt 54% of GDP by 2029, and says support for Pemex and CFE strains finances at 1% growth in 2026.

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Story summary

S&P Global Ratings changed Mexico’s sovereign credit outlook to “negative” from “stable” on May 12 2026.
The agency kept the foreign-currency rating at “BBB” and local rating at “BBB+”, warning a downgrade could occur within 24 months if deficits and debt are not reduced.
S&P sees a 4.8% GDP deficit in 2026, debt 54% of GDP by 2029, and says support for Pemex and CFE strains finances at 1% growth in 2026.