Mexico is facing its deepest recession in decades and prominent investors believe it could soon follow state oil company Pemex in seeing its credit rating relegated to “junk” territory as the COVID-19 pandemic rages on.
Losing the investment-grade rating that Latin America’s second-largest economy has held for almost two decades would be a bitter blow for leftist President Andres Manuel Lopez Obrador.
His fiscally conservative approach to finance and debt is guided by memories of Mexico’s humiliating payments crises and bailouts in the 1980s and 1990s.
“Losing the . . .
