Foreign Currency: BBB+/Negative/A-2 Local Currency: A-/Negative/A-2 For further details see Ratings List. We expect the Lopez Obrador Administration to pragmatically implement economic policies that balance social priorities with the need for macroeconomic stability in Mexico. However, a recent shift in government policy to reduce private-sector involvement in the energy sector, along with other developments that have diminished investor confidence, could contribute to higher contingent liabilities for Mexico and lower its GDP growth prospects. We are revising our outlook on the long-term ratings on Mexico to negative from stable, and we are affirming our 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings. The negative outlook reflects our view that potentially higher contingent liabilities and lower GDP growth prospects could
