NEW YORK, Sept 29 (Reuters) – Fitch Ratings said on Tuesday the current two-notch credit rating gap between Brazil and Mexico is more likely to narrow with a downgrade of Mexican notes.

Mexico’s higher ratings are currently justified by the country’s stronger institutions, Fitch’s analyst Shelly Shetty said in a conference organized by the ratings agency.

“But Brazil has clearly held up better than Mexico” during the crisis, Shelly said.