This report supplements our research update "Mexico Outlook Revised To Negative; 'BBB+/A-2' Foreign Currency Ratings Affirmed," published on Aug. 23, 2016. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Mexico reflect its track record of cautious fiscal and monetary policies, which has contributed to limited government deficits and low inflation, as well as moderate external debt. The combination of predictable economic policies and a flexible economy has allowed Mexico to adjust to changing global conditions, including a sharp drop in the price of oil and a depreciation of
