Mexico Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Mexico	Baa3 Stable	BBB Negative	BBB- Stable	BBB Stable	NR —

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Mexico	May 20, 2026	Moody's	Baa2	Negative	Baa3	Stable
Mexico	May 13, 2026	S&P	BBB	Stable	BBB	Negative
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

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	CC	CC
Extremely Speculative Grade			C	CC	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 Mexico’s current credit rating?

Mexico’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Mexico’s credit risk.

Has Mexico’s credit rating changed recently?

This page lists the latest rating and outlook actions for Mexico, showing when each agency last reviewed or changed its assessment.

Why does Mexico’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Mexico's bond yields, currency, and equity flows as investors reassess risk.

How does Mexico’s rating compare to other countries?

You can explore how Mexico ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.