Sovereign Credit Ratings

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Mexico	Baa2 Negative	BBB Stable	BBB- Stable	BBB Stable	NR

Latest Credit Changes

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Mexico	Nov 14, 2024	Moody's	Baa2	Stable	Baa2	Negative
Mexico	Jul 08, 2022	Moody's	Baa1	Negative	Baa2	Stable
Mexico	Jul 06, 2022	S&P	BBB	Negative	BBB	Stable
Mexico	May 06, 2021	DBRS	BBB	Negative	BBB	Stable
Mexico	May 06, 2020	DBRS	BBB (high)	Negative	BBB	Negative
Mexico	Apr 17, 2020	Moody's	A3	Negative	Baa1	Negative
Mexico	Apr 16, 2020	Fitch	BBB	Stable	BBB-	Stable
Mexico	Mar 26, 2020	S&P	BBB+	Negative	BBB	Negative
Mexico	Dec 19, 2019	DBRS	BBB (high)	Stable	BBB (high)	Negative
Mexico	Jun 05, 2019	Moody's	A3	Stable	A3	Negative
Mexico	Jun 05, 2019	Fitch	BBB+	Negative	BBB	Stable
Mexico	Mar 01, 2019	S&P	BBB+	Stable	BBB+	Negative
Mexico	Oct 31, 2018	Fitch	BBB+	Stable	BBB+	Negative
Mexico	Apr 11, 2018	Moody's	A3	Negative	A3	Stable
Mexico	Aug 03, 2017	Fitch	BBB+	Stable	BBB+	Stable
Mexico	Jul 19, 2017	S&P	BBB+	Negative	BBB+	Stable
Mexico	Aug 23, 2016	S&P	BBB+	Stable	BBB+	Negative
Mexico	Mar 31, 2016	Moody's	A3	Stable	A3	Negative
Mexico	Mar 31, 2014	DBRS	BBB	Positive	BBB (high)	Stable
Mexico	Feb 05, 2014	Moody's	Baa1	Stable	A3	Stable

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CCC	CC
Extremely Speculative Grade			C	CCC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is a sovereign credit rating?

A sovereign credit rating is an independent assessment of a country's creditworthiness, issued by agencies like S&P, Moody's, Fitch, DBRS, and Scope. These long-term foreign-currency ratings shape borrowing costs and investor confidence, and changes often move currencies, bond yields, and equity markets.

Which agencies provide sovereign credit ratings?

The five largest agencies are S&P Global Ratings, Moody's Investors Service, Fitch Ratings, DBRS Morningstar, and Scope Ratings. They monitor financial, political, and economic conditions to publish updates.

What do outlooks mean in credit ratings?

A Positive outlook suggests a possible upgrade, Stable means no change is expected, and Negative signals a potential downgrade. Outlooks indicate the likely direction of a rating in the short to medium term and often shape market expectations.

How often are sovereign ratings updated?

There is no fixed timetable. Some agencies review ratings on set calendars, while others update after major financial, political, or economic events that could affect credit risk.

Where can I find historical sovereign ratings?

You can explore past ratings and outlook revisions on each country's dedicated page within the FXEmpire Credit Ratings Hub.

What is the difference between investment grade and speculative grade?

Investment grade (BBB-/Baa3 or higher) signals lower risk and wider investor access. Speculative grade (BB+/Ba1 or lower), also called high-yield or junk, carries higher risk and volatility but often comes with higher yields.