Moody's Investors Service has downgraded Mexico's sovereign credit rating to Baa3, the lowest tier of investment-grade status, intensifying scrutiny on the country's economic resilience.
The rating action arrives as the 2026 joint review of the US-Mexico-Canada Agreement (T-MEC) shifts focus toward liquidity pressures facing Mexican exporters.
Mexican billionaire Carlos Slim, one of the world's wealthiest individuals, publicly criticized the decision, labeling the downgrade "irrational." His comments highlight the tension between domestic business leaders and international rating agencies over the assessment of Mexico's creditworthiness.
The downgrade to Baa3 places Mexico on the verge of speculative-grade status, a move that could increase borrowing costs for both the government and corporate sector.
Investors are now closely monitoring how the T-MEC review will address structural challenges in the export-driven economy, particularly regarding liquidity constraints that have emerged in recent quarters.
This development adds to a broader pattern of rating agency caution in emerging markets.