A year since President Lopez Obrador assumed office, bolstering GDP growth prospects remains key to achieving the administration's development objectives and maintaining Mexico's solid fiscal profile. Following stagnation in 2019, growth prospects for 2020-2022 hinge on successful policy execution and consistent steps by the government to enhance business sentiment and turn around private investment, including through the recently announced infrastructure program. We are affirming our 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Mexico. The outlook remains negative, indicating the risks of a downgrade over the coming 12 months due to a weakening in the sovereign's credit quality, most likely reflecting lower GDP growth prospects compared with peers, which, in conjunction with a low non-oil tax base,
