MEXICO CITY, Aug. 3 (Xinhua) -- Fitch Ratings elevated Mexico's credit from negative to stable on Thursday, citing lessened risks for economic growth and a stabilization of public debt.
In a report, the leading credit ratings agency considered that the risk had lessened for a scenario hurting the competitiveness of exports, hurting economic growth and endangering remittances from abroad.
Fitch cited a "moderating" stance from the United States ahead of NAFTA renegotiations. It also wrote that the Mexican "economy had shown resilience to lower oil prices ... and the authorities have demonstrated capacity to navigate these challenges."
Mexico is continuing a process of fiscal consolidation, Fitch said, and it is to be hoped that public debt will continue to decrease in 2017 especially given a strong peso.
The agency predicted that Mexico would grow at 2 percent in 2017 and 2.4 percent in 2018 and 2019. It also stated the unlikelihood that the NAFTA renegotiations, set to begin in Washington on Aug. 16, would severely affect Mexico's competitive access to the U.S. market.
On July 18, Standard and Poor's also upgraded Mexico's long-term credit rating from negative to stable.
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