Mexico may stave off a credit- rating downgrade, JPMorgan Chase & Co. said. “From our conversations with the rating agencies, they appear to be giving Mexico the benefit of the doubt and will likely wait to see what components of the fiscal reform are approved by Congress,” JPMorgan analysts led by Joyce Chang wrote in a report to clients. Standard & Poor’s and Fitch Ratings have Mexico’s BBB+ rating, the third-lowest investment-grade level, on outlook negative as declining oil production swells the country’s budget deficit.
